President Bola Ahmed Tinubu has assured Nigerians that their sacrifices in the face of ongoing economic reforms will not be in vain, promising that the benefits of these reforms will soon become evident.
He made this commitment on Wednesday during his presentation of the N47.9 trillion 2025 Appropriation Bill to a joint session of the National Assembly.
Acknowledging the challenges faced by Nigerians over the past 18 months, Tinubu urged patience and persistence. “The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway,” he said. “It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness. I thank every Nigerian for embarking on this journey of REFORMS and TRANSFORMATION with us.”
The President expressed empathy for the difficulties Nigerians have endured but reassured them that the hardships will yield long-term benefits. “The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy; that there have been difficulties and sacrifices. They will not be in vain. And we must keep faith with the process to arrive at our collectively desired destination.”
He added, “We must build on the progress we have made in the past 18 months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.”
Tinubu described the 2025 budget as a vehicle for restoration, aimed at consolidating key government policies to stimulate economic growth. The budget focuses on human capital development, increasing trade and investment, boosting oil and gas production, revitalizing the manufacturing sector, and enhancing Nigeria’s competitiveness.
The President also highlighted positive economic indicators as proof of progress, stating that the economy is responding to stimulus measures. “The global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress. Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.”
He further revealed that Nigeria’s foreign reserves now stand at nearly $42 billion, providing a buffer against external shocks, while the trade surplus has reached ₦5.8 trillion, according to the National Bureau of Statistics. “These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset,” he said.
Tinubu emphasized that the 2025 budget’s goals include advancing national security, creating economic opportunities, investing in the youthful population, infrastructure development, and fostering national reorientation. “But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory,” he concluded.
Meanwhile, President Bola Tinubu is currently at the National Assembly a 2025 budget estimate of N47.9 tn to a joint session of the lawmakers.
Lawmakers from the House of Representatives and the Senate were seated on Wednesday as the President presented his second budget proposal to the joint session.
The President was accompanied to the presentation by the Secretary to the Government of the Federation (SGF), George Akume; the Chief of Staff to the President, Femi Gbajabiamila; among other top government officials.
