By current matters crew
President Bola Tinubu has presented the 2025 budget to the National Assembly.
The Budget estimated at N49.7 trillion and christened” Budget of Restoration , Securing peace ,building prosperity serves as the very core of our administration ‘s Renewed Hope and demonstrates its commitment to stabilising the economy, improving the lives of the people, Tinubu said.
The president who spoke extensively on the performance of the 2024 budget said the major reforms initiated by his administration in several areas including investing in youth population, National Orientation formed the core of the 2025 budget.
An excited president stated ” I report today that our economy is working positively, the reform we have instituted are beginning to yield results,no reversal adding that the economy grew by 6.5%
The president stated that the 2025 Budget ” tell a bold and direct story to reform the social economic fabric of our society”
Tinubu further assured that the current inflation put at 30% will decrease to 15%i by next year.with projection based among others, increase in oil output.
Highlights of the budget according to the President include Defence and Security, gulping N4.9Tn, Infrastructure,N4.06Tn, Education N3.52Tn, and Health ,N2.48Tn
Tinubu said the budget reflects the growth and development envisioned and added that the government will continue to boost the morale of the armed forces and other security agencies “to defeat insurgency,bandity and threats to our sovereinty”
Earlier, the president of the Senate,Godswill Akpabio had in his welcome address told the president that his” leadership shines like a beacon of hope” .
Sen. Akpabio also lauded the administration’s diplomatic score card which he said are beginning to open doors for Nigeria globally. ” We are now beginning to have respect internationally. Nigerians can have visas in any country of the world.
On security, Akpabio praised the president saying under his leadership,no area in the country is under the influence of Boko Haram
Akpabio thanked the president for fulfilling 7.5bn in foreign exchange obligations., for signing the Student loan and the national minimum wage law as well as raising the bar to N70,000. He also commended governors who have also raised the bar.
Further speaking, the Senate President commended the ground breaking tax reform initiative of the executive. He said the 4 bills represent a monumental shift in our tax policies that would significantly shape the future of our great country. it’s the first comprehensive tax reform since independence,and aimed to exempt over 100 million Nigerians from paying taxes.
He said the 2024 budget performed very well and as such is extended to June 2025 .
He however, called on the president to caution ministers to respect invitations by the National Assembly as they are not above the law, while urging
Nigerians to cooperate with the President to ensure the smooth delivery of good governance
