Tinubu assures Nigerians of improved economy…signs historic N54.99trn budget
President Bola Tinubu announced on Friday in Abuja that a disciplined focus and diligence will be crucial for implementing the historic “2025 Budget of Restoration,” which he signed into law.
The N54.99 trillion budget is based on projected revenues and aims to drive economic recovery and stability.
The signing ceremony was attended by Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbass, and Senate Committee Chairman on Appropriation Sen. Solomon Adeola.
“Today, we take another bold step in our nation’s journey of economic recovery, stability, and growth with the signing of the 2025 Budget of Restoration. We reaffirm our commitment to securing our future, rebuilding prosperity, and ensuring that every Nigerian shares in the dividends of governance,” President Tinubu stated.
He acknowledged the challenges faced in the past year but emphasized that economic discipline and strategic reforms have led to significant progress. Notably, the national GDP growth reached 3.86% in the last quarter of 2024, the highest in three years.
“Revenue increased to N21.6 trillion, reflecting our drive for fiscal efficiency, and we have significantly reduced the deficit from 6.2% in 2023 to 4.17% in 2025,” he added.
The President pointed to forex reforms that have restored investor confidence and stabilised markets. He also announced a minimum wage increase to ₦70,000 to bolster workers’ purchasing power and highlighted rapid advancements in infrastructure, including major road projects.
President Tinubu expressed gratitude to the National Assembly for their swift passage of the appropriation bill and urged continued support for budget implementation.
He outlined priority areas in the budget, including national security, infrastructure and energy, human capital development, healthcare, education, and skills development. The increased allocation for agriculture aims to boost local food production and ensure food security for all Nigerians.
“This budget is bold, ambitious, and necessary. However, we cannot spend what we do not have. We must back every naira spent with actual revenue and avoid burdening future generations with reckless borrowing,” he cautioned.
The President committed to holding government agencies accountable for prudent spending and value-for-money initiatives and emphasized the need for collaboration with the National Assembly to refine the Appropriations Act for effective budget implementation.
Senate President Godswill Akpabio assured the President of the National Assembly’s full support in executing the budget, acknowledging the urgent need for economic recovery.
Minister of Finance Wale Edun highlighted the collaborative efforts that led to the budget’s passage, affirming the National Assembly’s partnership in progress.
Bayo Onanuga
Special Adviser to the President (Information & Strategy)
February 28, 2025
