President Bola Tinubu on Friday signed the historic 2025 Budget of Restoration into law, reaffirming his administration’s commitment to economic recovery, stability, and growth.
Speaking at the signing ceremony in Abuja, Tinubu emphasized that disciplined focus and diligence would guide the budget’s implementation, which is based on projected revenues.
Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbass, and Senate Appropriations Committee Chairman Solomon Adeola were present at the event.
“Today, we take another bold step in our journey toward economic recovery and shared prosperity,” Tinubu stated. “The past year tested our resolve, but through discipline and strategic reforms, we achieved what many deemed impossible. The economy is turning the corner.”
He highlighted key economic improvements, including a GDP growth of 3.86% in Q4 2024, the highest in three years. Revenue also increased to N21.6 trillion from N12.37 trillion, while the budget deficit was reduced from 6.2% in 2023 to 4.17% in 2025.
Tinubu credited forex reforms with restoring investor confidence and stabilizing markets. He also pointed to recent achievements such as raising the minimum wage to ₦70,000 and advancing major infrastructure projects, including the 750km Lagos-Calabar Coastal Highway and the 1,068km Sokoto-Badagry Superhighway.
The President outlined key focus areas, including national security, infrastructure, energy, human capital development, healthcare, education, and skills training. He assured Nigerians that increased allocations for agriculture and food security would boost local food production, while enhanced social welfare funding would support youths, women, and vulnerable citizens.
“This budget is bold, ambitious, and necessary,” he said. “However, we cannot spend what we do not have. We will not burden future generations with reckless borrowing. Instead, we will expand government revenues through efficiency, public-private partnerships, and foreign investment.”
He also vowed to hold government agencies accountable for prudent spending, ensuring that every naira delivers value.
READ ALSO: Senate is a Family: Senator Hanga Calls for Reconciliation Between Akpabio, Natasha
MARAN ICTN Roundtable: Consensus on Benefits, Divided on Implementation
Senate President Akpabio assured Tinubu of the National Assembly’s full backing in implementing the budget. He praised the President’s leadership, noting that his experience in Lagos had helped drive economic reforms.
Finance Minister Wale Edun described the budget process as a collaborative effort, emphasizing the productive partnership between the executive and the legislature.
With the budget now signed, Tinubu urged lawmakers to sustain their support in its implementation, stressing that a budget is not just numbers but a promise that must be fulfilled with discipline and efficiency.
