In a recent video on Channels Television from 4:00, Senator Jimoh Ibrahim has described the recent budget presentation by President Bola Ahmed Tinubu at the National Assembly as a “fantastic engagement” that lays a foundation for economic transformation in Nigeria. The budget, themed as one of hope, renewal, and restoration, is projected at 47 trillion naira, with the Budget Office’s analysis revising it to 49 trillion naira.
He highlighted that while the figure may appear modest compared to some global economies, particularly the United States, where national debt has reached $45 trillion, the proposed Nigerian budget represents a strategic step toward fiscal sustainability.
He praised the government’s commitment to reducing debt servicing, which has dropped significantly, signaling improved financial management. He also expressed optimism about the potential impact of the budget, describing it as a roadmap to economic recovery and growth.
According to him, “I think it was a fantastic engagement today at the National Assembly. The president brought a budget of hope, renewal, and restoration, with a projection of 47 trillion naira. The Budget Office conducted its analysis and arrived at 49 trillion naira, with spending projected at 34 trillion naira and a deficit financing of about 13 trillion naira or possibly 15 trillion.”
“If you consider the figure of 49 trillion, by the time you translate it to dollars at the current exchange rate, it amounts to about $30 billion. When compared to the U.S. budget, it’s important to remember that America has a debt of $45 trillion.”