President Bola Ahmed Tinubu declared, yesterday, that his administration’s economic discipline and strategic reforms have delivered results once thought by many as impossible.
The President made the declaration as he signed the N54.99 trillion 2025 Budget of Transformation into law at the State House.
The bill, which was passed in separate sessions by the two chambers of the National Assembly on Thursday, February 13 after increasing it from the initial N49.7 trillion submitted by Tinubu, was signed in a brief ceremony in the President’s office.
The 2025 Appropriation Act represents a 99.96% increase from the 2024 Budget of N27.5 trillion.
The key breakdown of the 2025 budget is as follows: Total Expenditure: ₦54.99 trillion; Statutory Transfers: ₦3.65 trillion; Recurrent (Non-Debt) Expenditure: ₦13.64 trillion; Capital Expenditure: ₦23.96 trillion; Debt Servicing: ₦14.32 trillion; Deficit-to-GDP Ratio: 1.52%.
“The past year tested our resolve, but through economic discipline and strategic reforms, we achieved what many deemed impossible,” Tinubu said.
Reflecting on Nigeria’s economic journey over the past year, the President acknowledged initial turbulence but emphasised that the country is now on a steady path to recovery.
“There is no dust in our faces and there are no tears on our cheeks. We worked together as brothers and sisters, collaborative Nigerians after the initial turbulence, and the take-off was very cloudy and uncertain. Today, we see a light at the end of the tunnel,” he stated.
Pointing to key economic indicators that signaled recovery and resilience, Tinubu said Nigeria’s Gross Domestic Product (GDP) growth rebounded to 3.86 per cent, while national revenue surged to N21.63 trillion.
“Our naira has rebounded, reflecting our resilience. We have reduced the deficit significantly from 6.2 per cent in 2023 to 4.217 per cent,” he noted, adding that foreign exchange reforms were yielding positive results in stabilising the market.
The President also highlighted the administration’s commitment to improving workers’ welfare, saying “the minimum wage was raised, and we are meeting all obligations”.
Acknowledging the role of the National Assembly in shaping the 2025 budget, Tinubu expressed gratitude to the lawmakers for their cooperation.
“I want to thank the National Assembly, every one of them, whether they participated in the review or not. We are building the same country, but particularly the leadership,” he said.
He praised the collaborative efforts between the executive and the legislative arms of government, describing it as a key factor in driving national progress.
“We have seen the collaboration in this government, between the executive and legislature, making a difference, determined to move our country forward,” he stated.
The 2025 budget, which Tinubu described as a “Budget of Transformation,” is designed to empower citizens, build economic resilience and ensure shared prosperity.
“We affirm our commitment to securing the future, rebuilding prosperity, and ensuring that every Nigerian shares in the dividends of governance,” he said.
Tinubu assured citizens that his administration would not relent in its efforts to strengthen the economy and deliver on its promises.
“Today, I can smile that you have given hope to our people. We can only promise to work harder,” he said.
Also speaking after the budget was signed, President of the Senate, Godswill Akpabio, commended President Tinubu’s bold economic reforms, declaring that Nigeria is on the path to financial stability and growth, even without heavy reliance on petroleum revenues.
He praised the President’s ability to navigate economic challenges, citing his experience as Governor of Lagos State.
“I knew that with your experience in Lagos State. You were able to put the indices on course, and today, Lagos is booming with over N50 billion a month as IGR,” Akpabio said.
The Senate President recalled his initial concerns when Tinubu announced the removal of fuel subsidy; a policy that previous administrations had avoided for over 40 years.
“I came back to you and asked, Mr. President, don’t you want reelection in 2027? You asked why, and I said how can you do this? Let’s remove it gradually. But you made it clear that the last administration had already budgeted to end the subsidy in May. So from June, you simply re-echoed that subsidy was gone,” Akpabio recalled.
He noted that despite initial doubts, the President’s decisive action has helped to stabilise the economy, allowing Nigeria to generate revenue from the non-oil sector.
Akpabio also lauded Tinubu’s fiscal policies, highlighting how the administration and the National Assembly worked together to increase the budget size from N49.7 trillion to N54.99 trillion—the largest in Nigeria’s history.
“When you came to the National Assembly with a very ambitious budget of N49.7 trillion, little did we know that working with your team, we would discover other sources of revenue. Today, we are about to make history,” he said.
The Senate President reaffirmed the legislature’s support for policies that would alleviate the suffering of Nigerians.
“Be rest assured that the National Assembly—both chambers—will go with you because we know that you mean well for this country,” he assured.
He also emphasised the lawmakers’ commitment to ensuring that budget implementation is effective.
“We went through it line by line, clause by clause, to ensure we meet the aspirations not just of your administration but of the entire nation.
“Now, we will go on oversight functions to see what your ministers are doing. And any of them not doing well, we will report to you,” Akpabio stated.
Also present while President Tinubu signed the budget were the Speaker House of Representatives, Tajudeen Abbas; Chairman Senate Committee on Appropriation, Solomon Olamilekan and the National Security Adviser (NSA), Nuhu Ribadu.
Others were Chief of Staff to the President, Femi Gbajabiamila; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Atiku Bagudu; and the Minister of the Federal Capital Territory (FCT), Nyesom Wike.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
