President Bola Tinubu says disciplined focus and diligence would be the benchmarks for implementing the 2025 budget.
Tinubu said the N54.99 trillion budget, which he signed into law on Friday, February 28, 2025, is based on projected revenues.
The president noted that the uncertainty over the economy was gradually clearing as the reforms took shape, delivering a national GDP growth of 3.86% in the last quarter of 2024.
He said: “Revenue increased to N21.6 trillion from N12.37 trillion, reflecting our drive for fiscal efficiency and the deficit reduced significantly – from 6.2% in 2023 to 4.17% in 2025.
“Forex reforms restored investor confidence, stabilising our markets. The minimum wage was raised to N70,000, strengthening the purchasing power of workers, and infrastructure development advanced rapidly, with transformative projects such as the 750km Lagos-Calabar Coastal Highway and the 1,068km Sokoto-Badagry Superhighway.”
President Tinubu thanked the leadership and members of the National Assembly for their collaboration in giving the appropriation bill speedy attention and passage.
“We have no dust on our faces or tears in our eyes. We walked together as brothers and sisters. Though the initial outlook was turbulent, we can now see signs of progress,” Tinubu added.
The president urged the lawmakers to extend the same support for implementing the budget.
Tinubu said the increased allocation for agriculture and food security will boost local food production and ensure that no Nigerian goes hungry, noting that the enhanced budget for social welfare will support youths, women, and vulnerable citizens.
Tinubu signs N54.9trn 2025 budget into law
He stated: “This budget is bold, ambitious, and necessary. However, let me be clear, we cannot spend what we do not have.
“While we have significantly reduced the deficit, we must ensure that we back every naira spent with actual revenue. We will not burden future generations with reckless borrowing.
“Instead, we will expand government revenues through efficiency reforms and enhanced earnings; accelerate public-private partnerships and foreign investments to finance key projects.”
Tinubu added that every government agency would be held accountable for prudent spending and value-for-money initiatives.
The president said: “To ensure smooth budget implementation, we will work with the National Assembly to redefine corrigenda within the Appropriations Act.
“The redefinition will establish clear triggers for amendments, balancing executive needs with legislative oversight. A budget is not just numbers – it is a promise, and we must honour it with discipline.”
On his part, Senate President Godswill Akpabio assured Tinubu of the full support of the National Assembly in implementing the budget.
Akpabio noted that Tinubu inherited a “foaming economy” that needed urgent economic measures to recover.
The Senate President said Tinubu’s experience from Lagos State and versatility in managing men and resources enabled the economy’s ongoing reforms and turnaround.
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