President Bola Tinubu, Wednesday, presented a total budget of N49.7tn to the joint session of the National Assembly.
The budget is tagged, “Restoration budget, securing peace and building prosperity.”
Tinubu noted that the budget seeks to restore macro-economic growth and build the economy.
The budget proposal is based on parameters such as oil price benchmark of $75 per barrel, domestic crude oil production of 2.06 per day, 2.10, GDP growth rate of 4.6% and exchange rate of N1400/$ as well as 15.75% inflation rate.
Tinubu, while delivering his budget presentation speech before a joint sitting of the House of Representatives and Senate, said the budget was to consolidate the key policies of the federal government to restructure and boost the nation’s economy.
According to the president, defence and security sector is allocated N4.91 trillion, infrastructure – N4.06 trillion, education – N3.5 trillion and healthcare got N2.4 trillion.
Tinubu said the budgetary allocations were informed by the commitment of his administration to security of lives and property, infrastructural development, education and healthcare delivery.
He solicited the support of the lawmakers and Nigerians in addressing the country’s challenges, saying the time for lamentation was over.
“Our nation faces challenges… they are surmountable when we work collectively. The time for lamentations is over, the time to act is now…,” Tinubu told the lawmakers.
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