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Uncertainties As Nigeria Aims ₦34.82t Revenue In 2025, Hikes $ Rate By 100%
https://osazuwaakonedo.news/uncertainties-as-nigeria-aims-%e2%82%a634-82t-revenue-in-2025-hikes-rate-by-100/23/12/2024/
#Economy #Bola #budget #Dollar #Naira #Nigeria #Tinubu ©December 23rd, 2024 ®December 23, 2024 11:58 pm There are uncertainties over the economic situation that await Nigerians and other residents in the West Africa country in 2025 after President Bola Ahmed Tinubu presented the sum of ₦49.7 trillion 2025 Budget Appropriation Bill before the Joint session of the Senate and House of Representatives of the National Assembly, with a revenue target of ₦34.82 trillion, hikes the dollar to naira exchange rate by 100%, from ₦750 in 2024 to pegging amount of ₦1,500 in 2025. #OsazuwaAkonedo
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0:00
there are uncertainties over the
0:02
economic situation that await Nigerians
0:04
and other residents in the West Africa
0:06
country in 2025 after president Bola
0:09
amedu presented the sum of 49.7 trillion
0:12
Nas 2025 budget appropriation bill
0:15
before the joint session of the Senate
0:17
and House of Representatives of the
0:19
National Assembly with a revenue Target
0:21
of 34.2 trillion Nas Heights the dollar
0:25
to naira exchange rate by 100% from 750
0:29
nairas in 2024 to Ping amount of 1,500
0:33
nairas in
0:35
2025 it would be recalled that President
0:38
B and metable in his first budget
0:40
presentation as Nigeria president on
0:42
November 29th 2023 PID 750 ners to $1 as
0:48
exchange rate for
0:50
2024 the president pned the dollar rate
0:53
at 750 nairas when the foreign currency
0:56
was fluctuating between
0:58
856 nairas 900 nairas as at last quarter
1:02
of
1:03
2023 the
1:05
$750 nairas dollar rate pegging for 2024
1:09
by the president saw the foreign
1:10
currency currently exchanging between
1:13
1,656 ners and 1,700 ners representing
1:18
more than 100% negative increasement in
1:21
the last quarter of 2024 when compared
1:24
to the dollar rate as at December
1:27
2023 with the president pegging 20 225
1:31
rate at 1,500 ners there are
1:34
possibilities that the dollar May trade
1:36
between 2,800 56 nir and 3,000 niras
1:40
before the end of the last quarter of
1:42
2025 in line with the previous year's
1:45
economic and exchange rate behavioral
1:47
patterns and realities in the country
1:50
this shows there may be more harder and
1:52
tougher times in 2025 for larger numbers
1:55
of residents both the middle class and
1:58
the poor in the country as the federal
2:00
government showed more wider vision and
2:02
quest for more Revenue in the year ahead
2:05
the 2025 budget shows that more than 30%
2:09
of the 49.7 trillion naira will be used
2:12
to service existing loans with the
2:14
government planning to borrow more new
2:16
loans in
2:17
2025 squal to the budget deficit of more
2:20
than 13 trillion naira according to
2:23
local media the passage of the 2025
2:26
appropriation bill for second reading
2:28
within 24 hours by the lawmakers marks
2:31
an important milestone in the budgeting
2:34
process the bill will undergo further
2:36
scrutiny and deel before its final
2:39
passage as the Senate resumes its
2:41
plenary session in January lers are
2:44
expected to delve deeper into the budget
2:47
and make necessary adjustments so that
2:49
it aligns with the country's development
2:52
priorities details of the 2025 budget
2:55
presentation as reported by the special
2:58
advisor to the president on information
3:00
and strategy bio oruga rates in full
3:03
below president B and met tin Wednesday
3:07
in Abuja assur Nigerians of better days
3:09
ahead as economic reforms begin to yield
3:11
positive results with noticeable signals
3:14
in improved security Education Health
3:18
Care and a globally acknowledged
3:20
3.4% GDP growth in third quarter of
3:25
2024 president sinu gave the Assurance
3:28
at the National Assembly during
3:29
presentation of the 49.7 trillion Nas
3:32
2025 appropriation Bill to the Joint
3:35
session of the Senate and House of
3:37
Representatives attributing the
3:39
successes recorded so far in economic
3:41
reforms to the patients resilience and
3:44
tolerance of Nigerian in supporting the
3:47
process the president projected an
3:49
expenditure bill of 49.7 trillion ners
3:53
which is 35% higher than the 28 trillion
3:57
Nas budget of 2024 with priority on
4:00
Education Health Care and
4:02
security president ubu said the 2025
4:06
budget will focus on restoration
4:09
securing peace and rebuilding Prosperity
4:11
which reflects the core vision of the
4:13
renewed hope agenda of improving the
4:15
livelihood of Nigerians through the
4:17
strengthening of Social and physical
4:19
infrastructure and ensuring inclusivity
4:22
in reaching development goals the 2025
4:26
budget proposal again reinforces our
4:28
Administration Road Mark to secure peace
4:31
prosperity and hope for a greater future
4:34
for our beloved Nation this budget CH
4:38
budget of restoration securing peace
4:41
rebuilding Prosperity strikes at the
4:44
very core of our renewed hope agenda and
4:47
demonstrates our commitment to
4:49
stabilizing the economy improving lives
4:52
and repositioning our country for
4:54
greater performance the Journey of
4:56
economic renewal and institutional
4:58
development which we began 18 months ago
5:02
as a nation is very much underway it is
5:05
not a journey of our choosen but one we
5:07
had to embark on for Nigeria to have a
5:10
real chance at greatness I thank every
5:13
Nigerian for embarking on this journey
5:15
of reforms and transformation with us
5:18
the road of reforms is now clearly upon
5:21
us and as the president of this blessed
5:24
Nation I know this Less Traveled Road
5:26
has not been easy that there have been
5:29
difficulties and sacrifices they will
5:32
not be in vain and we must keep Faith
5:35
with the process to arrive at our
5:37
collectively desired destination the
5:39
president said president sinu noted that
5:43
the 2025 budget will focus on
5:45
restoration and seek to consolidate on
5:47
the key policies instituted to
5:49
restructure the economy to boost human
5:51
capital development increase the volume
5:54
of trade and Investments mostar oil and
5:57
gas production and get the manufact
5:59
furing sector Hing again and ultimately
6:02
increase the competitiveness of our
6:04
economy he said the ongoing economic
6:07
reforms would not be reversed rather it
6:09
will be strengthened to build on the
6:11
gains of stimulating the economy to be
6:13
more robust Equitable predictable and
6:17
globally competitive we do not intend to
6:20
depart from this critical path to
6:22
strengthen the Nigerian economy just as
6:25
I believe in the resilience of our
6:27
economy to withstand the current
6:29
challenges
6:30
I also strongly believe in the
6:32
resilience of the Nigerian people again
6:35
I summon the Unstoppable Nigerian Spirit
6:38
to lead us on as we work to rebuild the
6:40
fabric of our economy and existence the
6:43
improvements we witnessed in the 2024
6:46
budget have led us into the 2025 budget
6:50
the goals of advancing National Security
6:53
creating economic opportunities
6:55
investing in our youthful population
6:58
infrastructure development and National
7:01
reorientation form the core of the 2025
7:04
budget but more than that this will lay
7:07
a solid foundation for Nigeria's future
7:10
growth trajectory president tinubu
7:13
stated the president told the lawmakers
7:16
that the Nigerian economy was gradually
7:18
rebounding I report today that our
7:21
economy is responding positively to
7:23
stimulus our objective is to further
7:26
stimulate the economy through the
7:27
implementation of targeted fiscal
7:29
stimulus packages through public
7:31
expenditures and specific
7:33
non-inflationary spending the reforms we
7:36
have instituted are beginning to yield
7:39
results Nigerians will soon experience a
7:42
better and more functional economy
7:44
global economic growth for the outgoing
7:47
year 2024 was projected at
7:50
3.2% and against predictions our country
7:53
made significant progress our economy
7:56
grew by
7:58
3.46% in the third quarter of 2024 or
8:01
from
8:02
2.54% in the third quarter of
8:05
2023 our foreign reserves now stand at
8:09
nearly $42 billion US providing a robust
8:12
buffer against external shocks our
8:15
Rising exports are reflected in the
8:17
current trade stoploss which now stands
8:20
at 5.8 trillion naira according to the
8:23
National Bureau of
8:25
Statistics this clear results of gradual
8:28
recovery among others reflect the
8:31
resilience of our economy and the impact
8:33
of Del liberate policy choices we made
8:35
from the outset he added on the
8:38
performance of the 2024 budget president
8:42
tinu said remarkable Milestones were
8:44
achieved with 14.55 trillion naira in
8:48
Revenue meeting 75% of Target as of the
8:51
third quarter while 2.60 trillion naira
8:55
was recorded in expenditure representing
8:58
85% of Target in the third quarter the
9:01
president noted that outlook on 2025 was
9:05
more positive for Nigerians the 2025
9:09
budget seeks to restore macroeconomic
9:12
stability enhance the business
9:14
environment Foster inclusive growth
9:17
employment and poverty reduction promote
9:21
Equitable income distribution and human
9:23
capital development our budgetary
9:26
allocations reflect the administration
9:28
strategic priorities especially in the
9:31
implementation of the renewed home
9:33
agenda and its developmental objectives
9:36
in
9:37
2025 we are targeting
9:54
34.82732
9:56
trillion naira or 3 89% of GDP will make
10:02
up the budget deficit this is an
10:05
ambitious but necessary budget to secure
10:07
our future the president added president
10:11
sinu said the government would Target
10:13
inflation and bring it to
10:15
15% improve foreign exchange from
10:18
approximately 1,700 naira per us doar to
10:22
1,500 naira and a b crw o production
10:25
Assumption of 2.06 million barrels per
10:28
day MVP PD other projections for
10:32
2025 the president's explained will
10:34
include reduced importation of petroleum
10:37
products alongside increased export of
10:39
finished petroleum products bumper
10:42
Harvest driven by enhanced security
10:45
reducing Reliance on food imports
10:47
increased foreign exchange inflows
10:49
through foreign portfolio Investments
10:51
higher crude oil outputs and exports
10:54
coupled with a substantial reduction in
10:56
Upstream oil and gas production costs
10:59
the budget Project's inflation will
11:01
decline from the current rate of
11:03
34.6% to 15% next year while the
11:07
exchange rate will improve from
11:09
approximately 1,700 naira per US dollar
11:12
to 1,500 naira and a b crude oil
11:16
production Assumption of 2.06 million
11:18
barrels per day mvpd he said president
11:22
sinu said the priority areas for the
11:25
2025 budget allocations are defense and
11:28
security
11:30
4.91 trillion n infrastructure 4.06
11:35
trillion n Health 2.48 trillion Nas and
11:39
education 3.52 trillion Nas our
11:43
Administration has so far disbursed 34
11:46
billion naira to over 300,000 students
11:49
via the Nigeria education Loan Fund nfu
11:53
andd in the 2025 budget we have L
11:57
provision for 800 and
12:00
26.90 billion naira for infrastructure
12:03
development in the educational sector
12:06
this provision also includes those for
12:08
the universal basic education ubec and
12:12
the nine new higher educational
12:14
institutions he noted in his remarks the
12:18
president of the Senate Senator godu
12:20
apio thanked the president for his bold
12:24
and courageous effort in rebuilding the
12:26
Nigerian economy assuring that the
12:28
lawers will to remain selfless and
12:30
patriotic in supporting the reforms
12:33
particularly at the Grassroots
12:35
describing president U as a National
12:38
Treasure Senator aabo commanded the
12:41
president for improvement in Security
12:44
International recognition and treatment
12:46
of Nigerians with more dignity
12:48
facilitating student loans reduced their
12:51
services social security for the less
12:53
privilege and signing of the minimum
12:55
wage bill with promptness he said those
12:58
CRI of the proposed tax reforms should
13:01
create more time to study the details of
13:03
the bill before the National Assembly
13:06
Speaker of the House of Representatives
13:09
right honorable tachin abas said the tax
13:12
reform will ensure Equitable efficient
13:15
collection and utilization of Revenue
13:17
and ensure more consideration for the
13:19
underprivileged and vulnerable Nigerians
13:22
he said the lawmakers would continue to
13:25
support the president to realize his
13:27
dream for the country
13:31
as bringing you the news in a more
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