Tinubu eyes N34.8trn revenue in 2025
President Bola Tinubu's administration aims to generate ₦34.8 trillion in revenue by 2025.He revealed this while presenting the 2025 budget to a joint session of the National Assembly on Wednesday.
Nigeria's revenue target for 2024 budget is ₦18.32 trillion, with ₦9.1 trillion achieved in the first half of the year. The 2025 target of ₦34.8 trillion marks a significant increase in ambition.
According to President Tinubu, Nigeria's revenue reached ₦14.55 trillion in Q3 2024.
He stated, "I am pleased to inform this National Assembly that our administration has achieved remarkable milestones in implementing the 2024 Budget.
"In 2024, we generated 14.55 trillion naira in revenue, meeting 75% of our target as of the third quarter. 21.60 trillion naira in expenditure, accounting for 85 percent of our target in the third quarter."
President Tinubu also stated that his administration expects the Nigerian economy to expand by 4.6% in 2025.
He added that government policies are intended to reduce inflation and address food insecurity.
According to the President, the 'Budget of Restoration: Securing Peace, Rebuilding Prosperity' aims to "restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction."
President Tinubu stated that the projections would be met by reducing imports of petroleum products and food.
He also promised to increase agricultural output by improving security and providing incentives to farmers.
"increased foreign exchange inflows through Foreign Portfolio Investments, and higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs," was promised.
President Tinubu announced that Nigeria's foreign exchange reserves have reached $42 billion, the highest in more than 30 years.
Reflecting on the previous fiscal year, he emphasised the country's economic progress, noting that the economy expanded by 3.46% in the third quarter of 2024, compared to 2.54% in the same period in 2023.
"Global economic growth for the outgoing year 2024 was projected at 3.2%, and our country outperformed expectations.
"Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks," according to the president.
Leave A Comment