President Bola Ahmed Tinubu has stated that indicators show the economy is responding positively to various stimulus measures,Daily Trust reports.
Speaking during the presentation of the 2024 budget to a joint session of the National Assembly on Wednesday, Tinubu emphasized that the 2025 budget would focus on driving economic growth through targeted fiscal stimulus, public spending, and carefully calibrated, non-inflationary measures.
He expressed optimism that Nigerians would soon witness a more robust and functional economy, citing encouraging trends in global economic growth and the nation’s foreign reserves. According to Tinubu, “Global economic growth for 2024 was projected at 3.2 percent. Despite earlier predictions, our nation has recorded remarkable progress. Our economy grew by 3.46 percent in the third quarter of 2024, compared to 2.54 percent in the same period in 2023.”
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He added that foreign reserves have increased to nearly $42 billion, serving as a strong safeguard against external economic shocks. Additionally, rising exports have resulted in a trade surplus of 5.8 trillion naira, as reported by the National Bureau of Statistics. “These signs of gradual recovery demonstrate the resilience of our economy and the positive impact of deliberate policy decisions taken from the start,” he noted.
Tinubu further outlined the primary objectives of the 2025 budget, which include enhancing national security, expanding economic opportunities, empowering the youth, advancing infrastructure development, and fostering national reorientation. He concluded by saying, “Beyond these immediate goals, this budget will establish a solid foundation for Nigeria’s long-term growth trajectory.”
