https://en.sputniknews.africa/20250301/nigeria-nears-end-of-cost-of-living-crisis-amid-economic-discipline--reforms-president-tinubu-says-1070880614.html
Nigeria Nears End of Cost of Living Crisis Amid Economic Discipline & Reforms, President Tinubu Says
Nigeria Nears End of Cost of Living Crisis Amid Economic Discipline & Reforms, President Tinubu Says
Sputnik Africa
At the signing of the 2025 budget, Nigerian President Tinubu stressed the importance of spending within means, increasing government revenues through... 01.03.2025, Sputnik Africa
2025-03-01T15:26+0100
2025-03-01T15:26+0100
2025-03-03T15:08+0100
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Nigeria is making progress toward ending the cost-of-living crisis through economic discipline and strategic reforms, President Bola Tinubu said on Friday.Key achievements highlighted by the president at the budget signing include:The 2025 budget prioritizes national security, infrastructure, energy, human capital development, healthcare, education, agriculture, and social welfare, the Nigerian top official noted.
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economy, bola tinubu, nigeria, west africa, finance, budget, investment, debt, economic growth, minimum wage, development, crisis
Nigeria Nears End of Cost of Living Crisis Amid Economic Discipline & Reforms, President Tinubu Says
15:26 01.03.2025 (Updated: 15:08 03.03.2025) Elizaveta Roschina
Writer/Editor
At the signing of the 2025 budget, Nigerian President Tinubu stressed the importance of spending within means, increasing government revenues through efficiency reforms, and promoting public-private partnerships and foreign investment.
Nigeria is making progress toward ending the cost-of-living crisis through economic discipline and strategic reforms, President Bola Tinubu said on Friday.
"The past year tested our resolve. But through economic discipline and strategic reforms, we achieved what many deemed impossible. After the initial turbulent take-off, our people can see signs of progress and the promise of a better future. Our economy is turning the corner," Tinubu stated as he signed the N55.99 trillion (about $37.2 billion) "2025 Budget of Restoration."
Key achievements highlighted by the president at the budget signing include:
A 3.86% GDP growth in Q4 2024, the fastest in three years;
Increased revenue from
N12.37 trillion ($8.2 billion) to N21.6 trillion ($14.3 billion);
Reduced fiscal deficit from
6.2% in 2023 to 4.17% in 2025;
Minimum wage raised to
N70,000 ($46.59);
Restored investor confidence through forex reforms.
The 2025 budget prioritizes national security, infrastructure, energy, human capital development, healthcare, education, agriculture, and social welfare, the Nigerian top official noted.
"While we have significantly reduced the deficit, we must ensure that we back every naira spent with actual revenue. We will not burden future generations with reckless borrowing. Instead, we will expand government revenues through efficiency reforms and enhanced earnings; accelerate public-private partnerships and foreign investments to finance key projects," he pointed out.
