President Bola Tinubu on Wednesday assured Nigerians of better days ahead, saying the economic reforms introduced by his government have started yielding positive results.
Tinubu said there had been noticeable signs of improved security, education, and healthcare, as well as a 3.46 per cent GDP growth in the third quarter of 2024.
The president gave the assurance at the National Assembly during the presentation of the N49.7 trillion 2025 Appropriation Bill to the joint session of the Senate and House of Representatives.
“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 per cent, and against predictions, our country made significant progress. Our economy grew by 3.46 per cent in the third quarter of 2024, up from 2.54 per cent in the third quarter of 2023. Our foreign reserves now stand at nearly 42 billion dollars, providing a robust buffer against external shocks,” he said.
Tinubu avowed that the country’s rising exports were reflected in the current trade surplus, which stood at N5.8 trillion, according to the National Bureau of Statistics.
He attributed the successes recorded so far with the economic reforms to the patience, resilience, and tolerance of Nigerians in supporting the process.
The president projected an expenditure bill of N49.7 trillion, which is 35 per cent higher than the N28 trillion budget of 2024.
He said the new budget would prioritise education, healthcare, and security.
Tinubu said the 2025 budget would focus on restoration, securing peace, and rebuilding prosperity.
He said this reflected the core vision of the Renewed Hope Agenda, which was to improve the livelihoods of Nigerians by strengthening social and physical infrastructure and ensuring inclusivity in reaching development goals.
The president averred that the budget would consolidate the policies instituted to boost human capital development and increase the volume of trade and investments.
He said it would also bolster oil and gas production, get the manufacturing sector humming again, and ultimately increase the competitiveness of the economy.
He further affirmed that the ongoing economic reforms would not be reversed; instead, they would be strengthened to build on the gains of stimulating the economy to be more robust, equitable, predictable, and globally competitive.