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Speaker 1: There are uncertainties over the economic situation that arewent Nigerians

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and other residents in the West Africa country. In twenty

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twenty five, after President Bola admed Table presented the sum

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of forty nine point seven trillion neyras, twenty twenty five

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budget appropriation built before the joint section of the Senate

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and House of Representatives of the National Assembly with a

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revenue target of thirty four point two trillion miers, hacks

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the dollar to naira exchange rate by one hundred percent

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from seven hundred and fifteen nyers in twenty twenty four

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to piking amount of one thousand, five hundred nyrus in

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twenty twenty five. It would be recalled that President Boller

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advent Tenable in his first budget presentation as Nigeria President

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on November twenty nine, twenty twenty three, pled seven hundred

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and fifty miyras to one dollar as exchange rate. For

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twenty twenty four. The president spanned the dollar rate at

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seven hundred and fifteen nyers when the foreign currency was

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flocked towenty between eight hundred and fifty six nyras and

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nine hundred lyers as at last quarter of twenty twenty

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three the seven hundred and fifty nyrus dollar rate PAGAN

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for twenty twenty four by the President, so the foreign

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currency currently exchanging between one thousand, six hundred and fifty

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six mirus and one thousand, seven hundred lyarers, representing more

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than one hundred percent negative increasement in the last quarter

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of twenty twenty four when compared to the dollar rate

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as at December twenty twenty three. With the President pagan

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twenty twenty five dollar rates at one thousand, five hundredlyarers,

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there are possibilities that the dollar may tread between two thousand,

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eight hundred and fifty six miers and three thousand mirs

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before the end of the last quarter of twenty twenty five,

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in line with the previous year’s economic and exchange rate,

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behavioral patterns and realities in the country. This shows them

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may be more harder and tougher times in twenty twenty

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five for larger numbers of residents both the middle class

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and the poor in the country, as the federal government

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showed more wider vision and cost for more revenue in

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the year ahead. The twenty twenty five budget shows that

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more than thirty percent of the forty nine point seven

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trillion naira will be used to service existing loans, with

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the government planning to borrow more new loans in twenty

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twenty five sequel to the budget deficit of more than

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thirteen trillion naira. According to local media, the passage of

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the twenty twenty five Appropriation Bill for second reading within

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twenty four hours by the Lowmeckers marks an important molestone

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in the budgeted process. The bill will undergo further scrutiny

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and develop before its final passage. As the Senate resumes

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its culinary session in January, Lomeckas are expected to deal

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deeper into the budget and meant necessary adjustments so that

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it aligned with the country’s development priorities. Details of the

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twenty twenty five budget presentation as reported by the Special

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Advisor to the President on infom Mention and Strategy, bier

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Or Nolungar, rates in full below. President Boller and melt

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Tenable Wednesday in Abuja assured Nigerians of better days are

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held as economic reforms begin to use positive results, with

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noticeable singlars in improved security, education, health care, and a

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globally acknowledged three point four percent GDP growth in third

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quarter of twenty twenty four. President Tenable gal the assurance

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are the National Assembly during presentation of the forty nine

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point seven trillion NERUS twenty twenty five appropriation due to

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the joint session of the Senate and House of Representatives,

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attributing the successes recorded so far in economic reforms to

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the patients, resilience and tolerance of Nigerian in supporting the process,

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the President projected an expenditual bill of forty nine point

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seven trillion mirrors, which is thirty five percent higher than

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the twenty eight trillion neyrous budget of twenty twenty four,

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with prime on education, health care and security. President Sinables

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said the twenty twenty five budgets will focus on restoration,

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securing peace and rebuilding prosperity, which reflects the core vision

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of the Renewed Home Agenda of improving the livelihood of

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Nigerians through the strengthening of social and physical infrastructure and

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ensuring inclusivity in reaching development goals. The twenty twenty five

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budget proposal again reinforces our administration’s rudmarked to secure peace,

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prosperity and hope for a greater future for our beloved nation.

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This budget, priestiled budget of restoration, securing peace, rebuilding prosperity,

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strikes at the very core of our renewed home agenda

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and demonstrates our commitment to stabilizing the economy, improving lives,

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and repositioning our country for greater performance. The journey of

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economic renewal and institutional development, which we began eighteen months

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ago as a nation, is very much underway. It is

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not a journey of our chosen, but one we had

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to embark on for Nigeria to have a ring chance

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at greatness. I thank every Nigerian for embarking on this

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journey of reforms and transformation with us. The road of

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reforms is now clearly upon us. And as the President

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of this blessed nation, I know this less troubled road

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has not been easy, that there have been difficulties and sacrifices.

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There will not be in val and we must keep

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firth with the process to arrive at our collectively desired destination,

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the president said. President Sinible noted that the twenty twenty

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five budgets will focus on restoration and seek to consolidate

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on the key ponicies instituted to restructure the economy to

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boost human capital development, increase the volume of trade and investments,

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bolster oil and glass production, and get the manufacturing set

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to horming again and ultimately increased the competitiveness of our economy.

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He said, the ongoing economic reforms would not be reversed,

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Rather it will be strengthened to build on the gains

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of stimulating the economy to be more robust, equitable, predictable

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and globally competitive. We do not intend to depart from

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this critical path to strengthen the Nigerian economy. Just as

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I believe in the resilience of our economy to withstand

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the current challenges, I also strongly believe in the resilience

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of the Nigerian people. Again, I summon the unstoppable Nigerian

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spirit to lead us on us. We want to rebiald

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the fabric of our economy and existence. The improvements we

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witnessed in the twenty twenty four budgets have led us

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into the twenty twenty five budgets. The goals of advancing

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national security, created economic opportunities, invested in our youthful population,

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infrastructure development, and national reorientation formed the core of the

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twenty twenty five budgets. But more than that, this will

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lay a solid foundation for Nigeria’s future growth trajectory. President synobustated.

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The President told the lawmakers that the Nigerian economy was

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gradually rebounded. I report today that our economy is responding

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positively to stimulus. Our objective is to further stimulate the

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economy through the implementation of targeted fiscal stiabulus pack against

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through public expenditures and specific non inflationary spending. The reforms

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we have instituted are beginning to yield results. Nigerians will

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soon experience a better and more functional economy. Global economic

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growth for the outgoing year twenty twenty four was projected

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at three point two percent, and against predictions, our country

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made significant progress. Our economy grew by three point four

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six percent in the third quarter of twenty twenty four,

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are from two point five to four percent in the

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third quarter of twenty twenty three. Our foreign reserves now

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stand at nearly forty two billion US dollars, providing a

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robust buffer against external shots. Our horizon exports are reflected

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in the current trade surfflaws, which now stands at five

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point eight trillionnira. According to the National Bureau of Statistics.

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These clear results of gradual recovery, among others, reflect the

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resilience of our economy and the impact of the liberate

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policy choices we met from the outset. He added. On

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the performance of the twenty twenty four budget, President Tenable

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sent remarkable milestones were achieved with fourteen point five five

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TRILLIONNIER in revenue meeting seventy five percent of target as

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of the top quarter, while twenty one point six zero

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trillion NERA was recorded in expenditure, representing eighty five percent

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of targets in the quarter. The President noted that outlook

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on twenty twenty five was more positive for Nigerians. The

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twenty twenty five budget six two restore macroeconomic stability and

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has the business environment faster inclusive growth, employment and poverty reduction,

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promote equitable income distribution and human capital development. Our madgetary

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allocations reflect the administration strategic priorities, especially in the implementation

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of the Renewed Home Agenda and its developmental objectives. In

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twenty twenty five, we are targeting thirty four point eight

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two trillion MIRA in revenue to fund the budget. Government

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expenditure in the same year is projected to be forty

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nine point seven trillion Mira, including fifteen point eight one

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trillion Mira for debt services. A total of thirteen point

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zero eight trillion Mira, or a three point eight nine

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percent of GDP, will make up the budget deficit. This

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is an ambitious, bote necessary budget to secure our future,

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the president added. President Syllable said the government will target

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inflation and bring it to fifteen percent, improve foreign exchange

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from approximately one thousand seven hundred lira per US dollar

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to one thousand, five hundred lira, and a b screde

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all production assumption of two point zero six million barrels

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per day mvpd. Other projections for twenty twenty five, the

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President explained, will include reduced importation of petroleum products alongside

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increased exports of finished petroleum products, bomper harvests driven by

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enhanced security, reducing reliance on food imports, increased foreign exchange

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inflows through foreign portfolio investments, higher chrude oil outputs and exports,

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coupled with a substantial reduction in offstream oil and gas

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production costs. The budget project’s inflation will decline from the

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current rate of thirty four point six percent to fifteen

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percent next year, while the exchange rate will improve from

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approximately one thousand seven hundred nira pen us dollar to

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one thousand, five HUNDREDNRA and be screw all production assumpction

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of two point zero six million barrels per day MVPD,

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he said. President Syllabus said the priority areas for the

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twenty twenty five budgets all locations are Defense and Security

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four point nine one trillion miras, infrastructure four point zero

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six trillion miras, Health two point four eight trillion mirus

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and education three point five two trillion miers. Our administration

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has so far this US thirty four billion Mira to

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over three hundred thousand students via the Nigeria Education Loan

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Fund NELFU and D. In the twenty twenty five budgets,

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we have led provision for eight hundred and twenty six

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six point nine zero billion naira for infrastructural development in

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the educational sector. This provision also includes those for the

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Universal Basic Education You’ll be Easy and the nine new

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higher educational institutions, he noted in his remarks. The President

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of the Senate, Senator godsul Apabio, thanks the President for

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his bold and courageous effort in rebuilding the Nigerian economy,

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assuring that the lomakers will remain selfless and patrotic in

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supporting the reforms, particularly at the grassroots. Describing President Syllable

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as a national treadle, Senator apart Or commanded the President

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for improvement in security, international recognition, and treatment of Nigerians

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with modignity, facilitated student loans, reduced that services, social security

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for the less privileged, and signing of the minimum wage

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bill with promptness. He said those critical of the pro

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post tax reforms should create more time to study the

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details of the bill before the National Assembly. Speaker of

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the House of Representatives, Right Honorable Tangidin Abbas said the

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tax reform will ensure equitable, efficient collection and utilization of

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revenue and then show more consideration for the underprivileged and

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vulnerable Nigerians. He said the Lonekers would continue to support

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the President to realize his dream for the country. Greeny

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you Brenie in a more dig