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President Bola Tinubu approved the N54.99 trillion budget for 2025. This budget aims to boost Nigeria’s economic growth. The National Assembly approved it on February 13, 2025.
Tinubu spoke at the signing in Abuja. “We see signs of progress,” he said. The budget shows the government’s dedication to economic reform.
Economic Growth Targets
Tinubu noted key achievements. These include a 3.86 percent GDP growth, higher revenue at N21.63 trillion, and a reduced deficit. The deficit decreased from 6.2 percent to 4.217 percent. The minimum wage increased, and the government is meeting all obligations.
They allocates funds as follows: N3.645 trillion for statutory transfers, N14.317 trillion for debt servicing, N13.64 trillion for recurrent expenditure, and N23.963 trillion for capital projects. The fiscal deficit is N13.08 trillion. The deficit-to-GDP ratio is 1.52 percent.
[…] to support the initiative. The government plans to enforce rules and promote lawful mining for economic growth. The soild minerals sector conrtibutes less that 1% to the country’s GDP because of illegal […]