WATCH THE VIDEO HERE President Bola Tinubu has said his administration would not reverse his reformist policies as he presented the 2025 budget pegged at N47.90 trillion at the joint National Assembly on Wednesday. According to the President, top priority will be given to security and defence, infrastructure, health, and education. He noted that some of these sectors received high allocations in the 2025 Appropriation Bill themed The Restoration Budget: Security Peace, Building Prosperity. The President listed some of the highlights of the budget as defence and security – N4.91 trillion, infrastructure – N4.06 trillion, health – N2.4 trillion, education – N3.5 trillion, among others. “The 2025 budget seeks to restore macro-economic stability enhance the business environment, foster inclusive growth, employment and poverty reduction, and promote equitable income distribution and human capital development,” Tinubu said “In 2025, we are targeting N34.8 trillion in revenue to fund the budget. government expenditure in the same year is projected to be N47.90 trillion including N15.81 trillion for debt servicing. “A total of N13.0tn or 3.89 per cent of GDP will make up the budget deficit. This is an ambitious but necessary budget to secure our future. “The budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year (2025) while the exchange rate will improve from approximately N1,700 per Dollar to N1,500 per Dollar,” he stated. Mr Tinubu pegged crude oil production at 2.06 million barrels per day for 2025 and also projected that the importation of finished petroleum products would reduce in 2025 while the exportation of refined petroleum products would increase. He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together. The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said. He also pleaded that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry. “Our 2025 is not just another statement of projected government revenue and expenditure; it calls for action. “Our nation faces an existential threat from corruption and insecurity…These challenges are surmountable when we work collaboratively. We must rewrite the narrative of this nation. “The time for lamentation is over. The time to act is now,” he stressed.
Tinubu Presents N49.7trn Budget, Says No Going Back on Reforms
