President Bola Ahmed Tinubu has assured Nigerians that the 2025 budget will bring significant economic relief, projecting a reduction in inflation from its current rate of 34.6% to 15%.
The announcement came on Wednesday, December 17, 2024, during Tinubu’s presentation of the ₦47.9 trillion 2025 budget proposal to a joint session of the National Assembly.
“This is an ambitious yet necessary budget to secure our nation’s future. It forecasts inflation dropping to 15% next year, while the exchange rate improves from approximately ₦1,700 to ₦1,500 per US dollar,” Tinubu stated.
The budget is built on key economic observations, including:
- A reduction in petroleum product imports.
- Increased exports of refined petroleum products.
- Enhanced agricultural productivity driven by improved security.
- Decreased dependence on food imports.
Tinubu highlighted the budget’s priority areas, with allocations including:
- Defence and Security: ₦4.91 trillion.
- Infrastructure: ₦4.06 trillion.
- Health: ₦2.4 trillion.
- Education: ₦3.5 trillion.
The President also expressed optimism about boosting crude oil production to 2.06 million barrels per day as a foundation for economic growth.
These projections come amid widespread economic challenges, including high inflation and a volatile exchange rate that recently saw the naira trading at as much as ₦1,700 per dollar. Tinubu emphasized that the budget aims to address these hardships through targeted measures and structural reforms.
As Nigerians navigate these challenging times, the proposed budget offers hope for economic stabilization and growth, laying the groundwork for a more prosperous 2025.
Stay tuned for updates on the 2025 budget and its impact on Nigeria’s economy!
