President Bola Ahmed Tinubu today presented the 2025 Budget Proposal to the National Assembly in a joint legislative session held at the Green Chamber of the House of Representatives today. President Tinubu outlined a comprehensive plan to drive economic growth, reduce poverty, and enhance human capital development.
Tagged “Budget of Restoration, the overall budget of 47. 96 trillion naira with a deficit of 13 trillion naira, the President gave a breakdown with N27.5 trillion, designed to achieve job-rich economic growth, macro-economic stability, and better investment environment. Announcing an expected economic growth of 3.0 percent according to global projection in 2024, with Nigeria’s economy maintaining modest but positive growth over the past twelve months with a growth of 3.46% up from 2.49%, he averred that the completion of critical infrastructure projects remains a key point of his administration to address structural problems in the economy.
With a non-debt recurrent expenditure of N9.92 trillion, debt service of N8.25 trillion, and capital expenditure of N8.7 trillion. He also announced the expansion of the National Social Safety Net project to provide targeted cash transfers to poor and vulnerable households.
Articulating his bold vision very impressively, the President also stated: “The budget we now present, constitutes the foundation upon which we shall erect the future of this great nation,” President Tinubu remarked during the presentation: “We do not serve ourselves; we must always strive to work together to serve and benefit the people of our beloved country.”
The Senate President, Senator Godswill Akpabio and the Speaker of the House of Representatives, Hon Tajudeen Abbas gave the welcome address and vote of thanks respectively. This was followed by a unanimous concurrence of the legislature, heads of MDAs, civil societies, securities and other stakeholders present at the ceremony.
Subsequently, the National Assembly will review and debate the budget proposal, with the goal of passing the Appropriation Act into effect on January 1, 2025.
The Special Adviser to the President on Senate Matters Senator Basheer Lado, CON also lauds the bold and visionary efforts of the President in the exercise of his constitutional duties especially in presenting the budget of Restoration. In the same vein, he also commended the harmonious relationship between the executive and the legislative arms of Government which will engender the much needed sustainable reforms of the administration during the budget implementation.
Signed
EmemMARIA Offiong
Asst Director, Press, Information & PR.
Office of the S. A. to the President, Senate Matters.
