President Bola Ahmed Tinubu has expressed confidence in Nigeria’s economic recovery, citing key indicators that show the country is on a path to growth.
Speaking during the presentation of the 2024 budget before a joint session of the National Assembly, Tinubu emphasized that targeted fiscal stimulus measures have had a positive impact on the economy.
“The global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress,” Tinubu stated.
“Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.”
The President also highlighted Nigeria’s growing foreign reserves, which now stand at nearly 42 billion US dollars, providing a robust buffer against external economic shocks.
“Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks,” he said.
Additionally, Tinubu pointed to a significant trade surplus of 5.8 trillion naira, reflecting an increase in exports.
“Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics,” he added.
Tinubu attributed these positive outcomes to deliberate policy choices and the resilience of the Nigerian economy.
“These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset,” he noted.
Looking ahead, the President outlined the goals of the 2025 budget, which will focus on stimulating the economy through targeted fiscal measures, public expenditures, and non-inflationary spending.
“The goals of advancing national security, creating economic opportunities, investing in the youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget,” Tinubu stated.
He emphasized that these efforts would lay a strong foundation for the country’s future economic growth. “But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory,” Tinubu concluded.
