- President Bola Tinubu stated Nigeria’s economy is recovering, citing a 3.46% growth in Q3 2024 and increased foreign reserves
- Tinubu emphasized targeted fiscal measures and public expenditures as central strategies for economic revitalization and future growth in Nigeria
President Bola Ahmed Tinubu has stated that Nigeria’s economy shows positive signs of recovery and growth in response to his administration’s policies.
Speaking on Wednesday during the presentation of the 2024 budget to the National Assembly, Tinubu emphasized that targeted fiscal stimulus and specific non-inflationary spending are central to his government’s strategy for economic revitalization.
“Our focus is to stimulate the economy through public expenditures and targeted fiscal measures,” he said.
He highlighted significant progress, citing key indicators such as improved global economic growth projections and strengthened foreign reserves.
Tinubu noted, “The global economic growth for 2024 was projected at 3.2 percent, and against predictions, Nigeria recorded significant strides.
“Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent during the same period in 2023.
“Our Foreign Reserves have climbed to nearly $42 billion, offering a strong buffer against external shocks.
“Our current trade surplus, standing at 5.8 trillion naira, reflects rising exports, as the National Bureau of Statistics reported.”
The President described these outcomes as evidence of the economy’s resilience and the effectiveness of deliberate policy decisions.
He added that the 2025 budget aims to strengthen national security, create economic opportunities, invest in youth, develop infrastructure, and foster national reorientation.
“These steps are not just for immediate relief but are laying a foundation for Nigeria’s future growth trajectory,” Tinubu concluded.
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