President Bola Ahmed Tinubu, Wednesday, said his economic policies are beginning to bear fruits and the country was heading towards the right direction in face of rising inflation.
President Tinubu made the remark while presenting his N47.9 trillion 2025 Appropriation Bill themed “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” to a joint session of the National Assembly. Defence as usual had a Lionshare of N4.91 trillion, Infrastructure: N4.06 trillion; Education: N3.52 trillion and Health: N2.48 trillion
Tinubu told the National Assembly that the economy is responding positively to targeted stimulus packages and deliberate fiscal reforms. Key economic indicators, he reported, have shown promising improvements. Nigeria’s GDP growth reached 3.46 percent in the third quarter of 2024, compared to 2.54 percent during the same period in 2023.
Foreign reserves now stand at nearly $42 billion, providing the country with a stronger buffer against external shocks. Additionally, a trade surplus of ₦5.8 trillion underscores the impact of rising exports, reflecting increased productivity and external trade gains.
These results, Tinubu explained, demonstrate the resilience of the Nigerian economy and the success of policy choices made by his administration.
The President also provided an update on the 2024 Budget’s performance, reporting that ₦14.55 trillion in revenue—75 percent of the target—was achieved by the third quarter.
Expenditures reached ₦21.60 trillion, representing 85 percent of planned spending. These outcomes, he said, highlight significant progress in revenue collection and the fulfillment of key obligations, even as challenges remain.
“Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly, I report today that our economy is responding positively to stimulus.
“Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
“The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.
“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. Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.
“Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, 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.
“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.
“We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.”
