By Grace Ademulegun
Nigeria targets a base crude oil production of 2.06 million barrels per day in the 2025 fiscal year, President Bola Ahmed Tinubu has announced.
He made the announcement while presenting the N49.8trn 2025 Budget of Restoration yo the National Assembly, Wednesday, December 18.
President Tinubu said bolstering oil and gas production is to be among the major activities of the federal government in its renewed hope to reconstruct the economy for a prosperous future.
Be said the government would target inflation and bring it to 15 per cent as well asimprove foreign exchange from approximately 1,700 naira per US dollar to 1,500 naira.
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President Tinubu noted that the 2025 budget would focus on restoration and seek to consolidate the key policies instituted to restructure the economy to boost human capital development and increase the volume of trade and investmens, resuscitate the manufacturing sector and increase the competitiveness of our economy.
The President, who reviewed the 2024 budget performance assured that the outlook for 2025 would be more favourable for Nigerians.
“The 2025 Budget seeks to restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction, and promote equitable income distribution and human capital development,” he noted
President Tinubu said this year’s budgetary allocations reflect the administration’s strategic priorities, especially in implementing the Renewed Hope Agenda and its developmental objectives.
“In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget,” he announced, explaining, “Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing. A total of 13.08 trillion naira, or 3.89 per cent of GDP, will make up the budget deficit.”
President Tinubu said the priority areas for the 2025 Budget allocations are defence and Security, N4.91 trillion; infrastructure, N4.06 trillion; health, N2.48 trillion; and Education, N3.52 trillion.
