CEO of FirstBank Group Olusegun Alebiosu said the proposed ₦49.7 trillion 2025 budget is expected to give Nigerian households and companies enough economic stimulus.
In his remarks made on Wednesday at the Nigeria Economic Outlook 2025 event, themed, “Nigeria 2025: Path to Economic Rebound & Recovery,” Alebiosu emphasized preliminary data that points to the nation’s GDP growing in 2025 relative to the year before.
Related Posts
He pointed out that the effects of some of the difficult changes the government implemented had put a significant burden on household and business earnings in 2024, with inflation hitting a three-decade high of 34.60% in November of that year.
The Early Indicators
Alebiosu spoke further, identifying a number of preliminary indications of economic recovery:
- Quarter after quarter, the GDP expanded gradually in 2024, with Q3 seeing the most growth at 3.46%.
- Balances in foreign reserves increased to more than $40 billion, and the revenue-to-debt service ratio improved to 68%.
- In December 2024, the Electronic Foreign Exchange Matching System (EFEMS) was implemented, which helped to stabilize the Forex market.
- Furthermore, the downstream industry in Nigeria saw a rise in competition, which resulted in a drop in the price of Premium Motor Spirit (PMS).
- Reactivation of the refineries in Warri and Port Harcourt is also helping in the recovery of the economy.
On December 18, 2024, President Bola Tinubu proposed to the National Assembly’s joint session the 2025 budget, which totaled ₦49.7 trillion.
The Federal Government set aside ₦231,737,478,756 billion for vaccination against malaria, immunization, and a vaccine tracking system.
GAVI (Global Alliance for Vaccines and Immunization) will receive ₦188, 472,771,130 billion of the total, which will support immunization initiatives across the country.
Additionally, N4 billion was allotted by the Federal Government to build a new presidential helipad and jetty in Lagos.
The Ministry of Works, which was allocated a total of ₦1.1 trillion for 2025 will handle the construcion of the presidential helipad and jetty.
A commitment to major infrastructure projects is shown in the ₦1.09 trillion in capital expenditures.
The Green Line Metro Rail Project was allocated ₦146.14 billion in counterpart financing. The project is a 68-kilometer rail network that will connect Victoria Island, Lekki, and Ajah—three important neighborhoods of Lagos—from the Lekki Free Zone to Marina.
It is anticipated that during the first week of February, the National Assembly will approve the 2025 budget. On January 31, the National Assembly’s joint appropriation committees for the two houses will submit their report on the ₦49.7 trillion 2025 Appropriation Bill for review and approval
Stay tuned to 9am News Nigeria for more Breaking News, Business News, Sports updates And Entertainment Gists.
