President Bola Ahmed Tinubu announces that his administration is aiming to generate N34.8 trillion in revenue for the 2025 fiscal year. He makes this disclosure while presenting the 2025 Budget of Restoration during a joint session of the National Assembly.
In the current fiscal year, the government sets a revenue target of N18.32 trillion and achieves N9.1 trillion by the end of the first half. By the third quarter of 2024, revenue has risen to N14.55 trillion, achieving 75% of the annual target.
“We have achieved remarkable progress in implementing the 2024 Budget,” Tinubu states. He reports that revenue has reached N14.55 trillion while expenditure stands at N21.60 trillion by the end of the third quarter, representing 75% and 85% of their respective targets.
Tinubu projects a 4.6% economic growth rate for 2025 and outlines policies to reduce inflation and address food insecurity. The proposed budget of N47.9 trillion ($31 billion) focuses on “restoring macroeconomic stability, improving the business environment, and fostering inclusive growth, employment, and poverty reduction.”
The President plans to reduce the country’s dependency on imports of petroleum products and food by increasing domestic production. He pledges to improve agricultural output through enhanced security measures and support for farmers. Tinubu also emphasizes boosting foreign exchange inflows, raising crude oil production, and lowering production costs in the oil and gas sector.
Nigeria’s foreign exchange reserves stand at $42 billion, marking the highest level in over three decades. The economy grows by 3.46% in the third quarter of 2024, an improvement from 2.54% in the same quarter of 2023.
The President attributes these gains to targeted reforms, noting, “Our rising exports have resulted in a trade surplus of 5.8 trillion naira.”
- Deficit Financing: The N13 trillion budget deficit will be funded through borrowing.
- Debt Servicing: N15.81 trillion is allocated for debt servicing.
- Inflation Target: Inflation is expected to drop from 34.6% to 15%.
- Exchange Rate: The naira is projected to appreciate to 1,500 naira per dollar, compared to the current 1,700 naira per dollar.
- Crude Oil Production: Oil production is set to rise to 2.06 million barrels per day, up from 1.4 million bpd.
Tinubu emphasizes that his administration will prioritize security, infrastructure, health, and education, aiming to foster economic growth and improve living standards for Nigerians.
