President Bola Ahmed Tinubu has declared that recent indicators show Nigeria’s economy is responding positively to stimulus measures implemented by his administration.
Speaking on Wednesday while presenting the 2024 budget to a joint session of the National Assembly, Tinubu emphasized that the 2025 budget would focus on stimulating the economy through targeted fiscal stimulus packages and non-inflationary public spending.
Tinubu expressed optimism about Nigeria’s economic trajectory, citing improvements in global economic growth and foreign reserves.
“The global economic growth for 2024 was projected at 3.2 percent, and against predictions, our country made significant progress,” Tinubu said.
He highlighted key economic achievements, including:
Economic Growth: A GDP growth rate of 3.46 percent in Q3 2024, up from 2.54 percent in Q3 2023.
Foreign Reserves: A rise to nearly $42 billion, providing a strong buffer against external shocks.
Trade Surplus: A current trade surplus of ₦5.8 trillion, reflecting rising exports, as reported by the National Bureau of Statistics.
“These clear signs of recovery demonstrate the resilience of our economy and the impact of deliberate policy choices made from the outset,” Tinubu stated.
The president outlined key priorities for the 2025 budget, including advancing national security, creating economic opportunities, empowering the youth, developing infrastructure, and fostering national reorientation.
“This budget will not only address our immediate challenges but also lay a solid foundation for Nigeria’s future growth trajectory,” Tinubu added.
With these measures, Tinubu reassured Nigerians of better economic prospects in the near future.
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