News
Tinubu’s ₦49.7tn 2025 Budget Passes Second Reading in Senate
EKO HOT BLOG reports that the budget received approval during plenary after extensive deliberations. The budget, presented the previous day by President Bola Tinubu, was subsequently referred to the Committee on Appropriations, chaired by Senator Solomon Adeola, following a voice vote conducted by Akpabio.
President Tinubu had unveiled the “2025 Budget of Restoration” before a joint session of the National Assembly on Wednesday. The proposed budget, aimed at fostering peace and prosperity, includes a revenue target of ₦34.82 trillion to fund an aggregate expenditure of ₦47.9 trillion, leaving a deficit of ₦13.08 trillion.
Key allocations in the budget include ₦4.91 trillion for Defence and Security, ₦4.06 trillion for Infrastructure, ₦3.5 trillion for Education, and ₦2.48 trillion for Health. Tinubu also allocated ₦15.81 trillion for debt servicing.
EDITOR’S PICKS
- Sanwo-Olu Donates N75M to Support Legionnaires and Families of Fallen Heroes
- Current Cement Prices: Dangote, BUA, Others This Festive Season
- Fatal Crash on Lagos Third Mainland Bridge; Four Rescued, Two Injured in Fadeyi Collision
The budget parameters include daily crude oil production of 2.06 million barrels, an exchange rate of ₦1,500 to a US dollar, and a projected inflation rate of 15%, down from the current 34.6%.
Addressing lawmakers, Tinubu stated, “The figures in our 2025 budget proposal reflect the bold steps we are taking to reshape and revitalize our socio-economic framework. This ambitious but necessary budget is crucial for securing our nation’s future.”
FURTHER READING
- Bromate In Bread Linked To Cancer Risk For Nigerians – What You Should Know
- One Killed, Four Injured in Bus-Truck Collision on Lagos Third Mainland Bridge
- Sanwo-Olu Donates N75M to Support Legionnaires and Families of Fallen Heroes
He highlighted key reforms supporting the projections, such as reduced petroleum imports, increased export of refined petroleum products, enhanced security leading to better agricultural yields, higher foreign exchange inflows, and improved crude oil output at reduced costs.
Tinubu also noted significant economic progress, stating, “Our economy grew by 3.46% in Q3 2024, up from 2.54% in Q3 2023. Additionally, our Foreign Reserves now stand at nearly $42 billion, offering a strong buffer against external shocks.”
The Senate’s approval of the budget for further consideration marks another step toward implementing Tinubu’s vision for economic restoration and growth.
Here’s the video of the week:
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
You must be logged in to post a comment Login