President Bola Ahmed Tinubu says indicators have shown that the economy is responding positively to stimulus.
Tinubu, who said this while presenting the 2024 budget on Wednesday before a joint session of the National Assembly, said the focus of the 2025 budget was to stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
He said Nigerians would soon experience a better and more functional economy going by the positive indicators in the aspects of global economic growth and foreign reserve.
He said, “The global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.
“Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.
“Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.
“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.
“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.”
Tinubu said 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.
“But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory”, he said.
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