President Bola Ahmed Tinubu has assured Nigerians that the country’s economy is rebounding, thanks to targeted government policies and fiscal measures.
Tinubu made this bold declaration on Wednesday while presenting the 2024 national budget before a joint session of the National Assembly in Abuja.
He said the positive response of the economy to these policies signaled better days ahead for Nigerians.
“Our economy is resilient and responding to our deliberate policy choices,” Tinubu said confidently during his address.
He highlighted significant achievements in key areas such as economic growth, foreign reserves, and trade surplus, promising that the 2025 budget would continue this upward trend.
Economic Indicators Show Progress
The President revealed that Nigeria’s economy grew by 3.46% in the third quarter of 2024, a notable improvement from the 2.54% recorded during the same period in 2023.
“This progress defies earlier global projections for 2024, which predicted a global economic growth of only 3.2%,” Tinubu remarked.
He further disclosed that Nigeria’s foreign reserves now stand at nearly $42 billion.
“This provides a robust buffer against external shocks,” he said, adding that rising exports have also resulted in a trade surplus of ₦5.8 trillion, according to data from the National Bureau of Statistics.
These developments, Tinubu said, are clear signs of recovery and resilience.
Building for the Future
Tinubu outlined the goals of the 2025 budget, emphasizing national security, job creation, and infrastructure development.
“Our priorities include advancing national security, creating economic opportunities, and investing in our youth,” he stated.
The President also stressed the importance of national re-orientation, describing it as critical to laying a solid foundation for Nigeria’s growth.
“But more than that,” he added, “this budget will position Nigeria for a better future.”
Challenges Persist, Hopes Remain High
Despite Tinubu’s optimism, many Nigerians remain cautious about the state of the economy.
The rising cost of living, unemployment, and insecurity are issues that continue to dominate public discussions.
However, Tinubu believes the government’s fiscal stimulus packages will gradually ease these challenges.
He assured Nigerians that public expenditures would be carefully directed to avoid inflationary pressures while delivering impactful results.
Voices from the Streets
Reactions to Tinubu’s speech have been mixed, with some citizens expressing hope while others remain skeptical.
“I think the figures he presented are encouraging,” said Musa Ibrahim, a Lagos-based economist. “If the government sustains these policies, we might see a stronger economy in the next few years.”
However, not everyone is convinced.
“What is the benefit of all these numbers if ordinary Nigerians are still struggling to buy food?” asked Grace Omoniyi, a trader in Ibadan.
She added, “We need immediate solutions, not just promises about the future.”
Government’s Fiscal Strategy
Tinubu emphasized that the focus of the 2025 budget would be on targeted fiscal stimulus packages.
He explained that these packages are designed to stimulate economic activities without causing inflation.
The budget also aims to attract investments into key sectors such as agriculture, manufacturing, and technology.
