Mariam Abeeb
President Bola Tinubu has assured Nigerians of better days ahead as economic reforms introduced by his government had started yielding positive results.
The president said there had been noticeable signals of improved security, education, and health care, as well as a 3.46 per cent GDP growth in the third quarter of 2024.
President Tinubu gave the assurance at the National Assembly during the presentation of the N49.7 trillion 2025 Appropriation Bill to the joint session of the Senate and House of Representatives.
“The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.
“Global economic growth for the outgoing year 2024 was projected at 3.2 per cent, and against predictions, our country made significant progress.
“Our economy grew by 3.46 per cent in the third quarter of 2024, up from 2.54 per cent in the third quarter of 2023.
“Our Foreign Reserves now stand at nearly 42 billion dollars, providing a robust buffer against external shocks,” he said.
He added that the country’s rising exports were reflected in the current trade surplus, which stood at N5.8 trillion, according to the National Bureau of Statistics.
“These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset,” he added.
Tinubu attributed the successes recorded so far with the economic reforms to the patience, resilience, and tolerance of Nigerians in supporting the process.
The President projected an expenditure bill of N49.7 trillion, which is 35 per cent higher than the N28 trillion budget of 2024.
He said the new budget would prioritise education, healthcare, and security.
Tinubu said the 2025 budget would focus on restoration, securing peace, and rebuilding prosperity.
He said this reflected the core vision of the Renewed Hope Agenda, which was to improve the livelihoods of Nigerians by strengthening social and physical infrastructure and ensuring inclusivity in reaching development goals.
“The 2025 Budget Proposal again reinforces our administration’s roadmap to secure peace, prosperity, and hope for a greater future for our beloved nation.
“This budget, christened ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity,’ strikes the core of our Renewed Hope Agenda and demonstrates our commitment to stabilising the economy, improving lives, and repositioning our country for more outstanding performance.
“The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway,” he said.
Tinubu said the budget would consolidate the policies instituted to boost human capital development, increase the volume of trade and investments.
He said that it would also bolster oil and gas production, get the manufacturing sector humming again, and ultimately increase the competitiveness of the economy.
He said the ongoing economic reforms would not be reversed; instead, they would be strengthened to build on the gains of stimulating the economy to be more robust, equitable, predictable, and globally competitive.
“We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people.
“Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.
