The Federal government has announced a transformative N50 trillion budget for 2025, setting ambitious targets to accelerate economic growth, reduce poverty, and enhance the living standards of Nigerians, through strategic investments and robust reforms.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edu made this known weekend while unveiling the plan at a Citizens and Stakeholders Engagement Session in Abuja.
The Minister, outlined strategic priorities aimed at building on President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Director of information and public relations in the Ministry, Muhammed Manga in a statement quoted Edun to have highlighted key achievements, to include a fiscal deficit reduction to 4.4 per cent a dramatic drop in the debt service-to-revenue ratio, from 149 per cent in 2023 to 67 per cent. Foreign reserves boosted by $10 billion, now standing at $42 billion and GDP growth of 3.5 percent , with projections of 4.6 percent in 2025 and over 6 percent by 2027.
“These reforms demonstrate our commitment to laying a solid foundation for sustained and inclusive economic growth,” Edun said.
He enumerated key sectoral investments to Expansion of compressed natural gas (CNG), LPG, and renewable energy initiatives, alongside increased local refining capacity.
In agriculture, he said that Large-scale dry and wet season farming has been embarked upon to enhance food security and job creation.
In Industry he pointed to the Investments in Nigeria’s thriving digital economy and local manufacturing to drive industrialization.
On Social Protection, he also said that direct benefit transfers and low-interest SME loans have been rolled out to empower small businesses and alleviate poverty.
He indicated that the ₦50 trillion proposed budget will include ₦35 trillion in projected revenue which nearly double the 2024 level.
“Strategic investments will focus on infrastructure, social welfare, consumer credit, housing, and healthcare.”
Edun stressed the importance of mobilizing $20 billion in investments annually to achieve Nigeria’s economic growth targets by 2027.
Earlier in her speech, the Minister of State for Finance, Dr. Doris Uzoka-Anite, reiterated the Ministry’s commitment to transparency and efficient resource management.
She described the Ministry’s performance in 2024 as commendable, particularly in revenue generation.
Also, the Federal government has taken concrete steps to stop annual importation of motorcycle spare parts put at over $19 million with the aims at conserving the nation’s s foreign exchange.
To this end, government has entered into partnership with stakeholders in the auto industry sector, the United Nation Industrial Development Organization ( UNIDO) to established the Nnewi ( South East of Nigeria) Auto Industrial Park.
National Automotive Design Council ( NADDC) Director – General, Joseph Osanipin, who dropped the hint weekend in Abuja, also emphasised the urgent need for the country to reduce dependence on imported parts and boost local manufacturing.
“Our investigation has shown that the volume of motorcycle spare parts annual importation into this country is over $19 million
“This figure excludes tricycles and vehicles, if we can produce the parts locally, we will save a significant amount in foreign exchange while also creating opportunities for local manufacturers with attendant jobs creations,’’ he said.
He explained that NADDC is working with Bank of Industry ( BOI) NAFDAC, SON to assist manufacturers to scale up production of local vehicle parts.
