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WHAT YOU NEED TO KNOW: WHY YOU MUST NOT FAIL TO HAVE $EX BY 12PM. THE BENEFIT WILL SHOCK YOU| NO 5 IS VERY COMPULSORY FOR MALE AND FEMALE.The 10th Senate, under the leadership of Godswill Akpabio, on Thursday, passed the N49.7 trillion 2025 budget for a second reading. The budget was introduced after extensive deliberations during a plenary session, following its presentation by President Bola Tinubu the previous day. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
Akpabio, who presided over the session, conducted a voice vote to approve the budget, which was then referred to the Committee on Appropriations for further scrutiny. The committee, tasked with reviewing the budget in detail, is chaired by Senator Solomon Adeola.
President Tinubu’s Budget Proposal
On Wednesday, President Tinubu presented the 2025 Budget of Restoration to a joint session of the National Assembly. The proposed budget aims to foster peace and prosperity, with a revenue projection of ₦34.82 trillion to fund an aggregate expenditure of ₦47.9 trillion. However, the budget comes with a deficit of ₦13 trillion.
Key allocations in the proposed budget include ₦4.91 trillion for Defence and Security, ₦4.06 trillion for Infrastructure, ₦3.5 trillion for Education, and ₦2.48 trillion for Health. The President also outlined a significant ₦15.81 trillion allocation for debt servicing.
Economic Assumptions and Projections
The budget’s fiscal projections are based on several key assumptions. These include a daily oil production target of 2.06 million barrels, an exchange rate of ₦1,500 to a US dollar, and an inflation rate forecast to decrease from the current 34.6% to 15% by the end of 2025.
In his budget speech, Tinubu emphasized the bold economic strategy behind the proposals, noting, “The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.”
He further outlined expectations of positive changes, including:WHAT YOU NEED TO KNOW: WHY YOU MUST NOT FAIL TO HAVE $EX BY 12PM. THE BENEFIT WILL SHOCK YOU| NO 5 IS VERY COMPULSORY FOR MALE AND FEMALE.
A reduction in the importation of petroleum products, alongside increased exports of refined petroleum.
Boosted agricultural production, driven by improved security, reducing food import dependence.
Increased foreign exchange inflows through Foreign Portfolio Investments.
Higher crude oil output and exports, with a focus on reducing upstream oil and gas production costs.
Economic Growth and Reserves
President Tinubu also highlighted recent economic progress, stating that Nigeria’s economy grew by 3.46% in the third quarter of 2024, a marked increase from 2.54% in the same period in 2023. Additionally, Nigeria’s Foreign Reserves have increased to nearly 42 billion US dollars, providing a robust buffer against external economic shocks.
Legislative Process
After the second reading, the 2025 budget now faces further examination and approval by the Committee on Appropriations, which will ensure that the proposed allocations are in line with the country’s financial goals and objectives. Once the committee completes its review, the budget will return to the Senate for further debate and potential amendments before being finalized.
This ambitious budget proposal reflects the administration’s commitment to addressing Nigeria’s pressing economic challenges while focusing on key sectors like security, infrastructure, and education.WHAT YOU NEED TO KNOW: WHY YOU MUST NOT FAIL TO HAVE $EX BY 12PM. THE BENEFIT WILL SHOCK YOU| NO 5 IS VERY COMPULSORY FOR MALE AND FEMALE.
However, with a sizable deficit, the government’s ability to meet its fiscal targets will depend heavily on the success of its planned reforms and economic strategies....READ THE FULL STORY FROM SOURCE
