The Tinubu Media Support Group TMSG has described the 2025 budget proposal of N47.9 trillion by President Bola Tinubu as a bold step to rejig the economy.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group said it was heartwarming that infrastructure development, social services, and defence got the lion’s share of the expenditure plan.
“The first thing that caught the attention of many in the 2025 budget is that it is an ambitious one that is about N20 trillion more than the N28.7 trillion budgeted for the outgone year.
“This, for us, is a clear statement of intent by President Tinubu especially as a large chunk of the allocation is devoted to critical sectors of the economy that the President described in his speech as key budgetary priorities.
“With a total of N14.97 trillion, which is more than half of the 2024 budget allocated to Infrastructure, security, health and education, we are convinced that Nigerians are in for exciting times.
“We are elated that the Tinubu administration has made historic allocation to education and healthcare as part of efforts to ensure improved access and quality in the two sectors that are central to human capital development.
“In our reckoning, a government that is clear-minded enough to consider devoting N4.06 trillion to developing infrastructure is very much interested in enhancing economic growth.
“The multiplier effect of improved infrastructure through significant funding for roads, rail, and power projects on businesses can only be imagined.
“It is therefore not surprising that President Tinubu confidently projects that the inflation rate will drop to about 15 per cent from its current level of 34 per cent.
“But Nigerians also need to know that the government is keen on ensuring a more secure environment for the economy to thrive by devoting N4.91 trillion to defence. This will, by extension, also pave the way for a boom in agriculture, especially in the food basket region where historically, insecurity had been an issue, “it added.
TMSG is also optimistic that the revenue target is realizable. This it says is based on how the revenue-earning agencies have performed in President Tinubu’s first full year in office.
The group said: “With an ambitious revenue projection of N36.3 trillion, it is easy to see that the government is keen on diversifying the economy by boosting the country’s non-oil revenue base
“As important as income from crude is, we dare say that the improved efficiency in tax collection coupled with the proposed tax reform will broaden the country’s tax base and ensure a boost in revenues from taxes and customs duties.
“So for us, the administration’s decision to prioritize non-oil revenue will be very crucial in realizing the revenue target for 2025”.
The TMSG expressed hope that the National Assembly will expedite action in passing the budget proposal.
