President Bola Ahmed Tinubu has made his way to Lagos State, where he is anticipated to spend the Christmas and New Year holidays. Upon his arrival, he was greeted at the Presidential Wing of Murtala Mohammed International Airport by State Governor Babajide Sanwo-Olu, his deputy Obafemi Hamzat, and various cabinet members.
Before departing for Lagos on Wednesday, President Tinubu addressed a joint session of the National Assembly in Abuja, where he presented the 2025 budget. This budget totals N47.9 trillion and outlines the government’s financial plans for the upcoming year.
According to a report by Daily Trust, during the presentation of the 2024 budget, President Tinubu highlighted that the primary objective of the 2025 budget is to stimulate economic growth. This will be achieved through the implementation of targeted fiscal stimulus packages that focus on public expenditures and specific non-inflationary spending.
In the context of the 2025 budget, debt servicing is projected to consume a significant N15.8 trillion. The budget allocations prioritize security and infrastructure, which are expected to receive the lion’s share of funding.
The President expressed optimism about the economic outlook for Nigerians, citing positive signs in both global economic growth and the nation’s foreign reserves. He noted that these factors would contribute to a more functional economy in the near future.
Tinubu pointed out that the global economic growth rate for the outgoing year 2024 was estimated at 3.2 percent. He emphasized that, contrary to predictions, Nigeria has made considerable progress during this period.
He further elaborated that the Nigerian economy grew by 3.46 percent in the third quarter of 2024, a notable increase from the 2.54 percent growth recorded in the same quarter of 2023. This growth reflects the resilience and potential of the Nigerian economy.
Read also: Tinubu To Present 2025 Budget On Tuesday
Finally, the President mentioned that the country’s foreign reserves have reached nearly 42 billion US dollars, providing a robust buffer against external economic shocks. This development is seen as a positive indicator for Nigeria’s financial stability moving forward.
