President approves N54.99tn 2025 budget, hails govt’s progress
President Bola Tinubu on Friday signed into law the N54.99tn 2025 Appropriation Bill in a small ceremony at the State House, Abuja.
He praised the collective work of his administration and Nigerians which, he said, was yielding results despite a rough start when he assumed office in 2023.
The bill was passed by the two chambers of the National Assembly on February 13, after Tinubu wrote the legislature, demanding an increase from the N49.7tn he proposed months earlier.
The National Assembly approved a N54.99tn ($36.6bn) budget for the fiscal year, surpassing President Bola Tinubu’s initial proposal of N54.2tn.
At the time, Tinubu said the increase reflects additional anticipated revenues from agencies such as the Federal Inland Revenue Service and the Nigeria Customs Service.
The extra revenue from the FIRS was N1.4tn while Nigeria Customs Service realised N1.2tn naira as other agencies got N1.8tn.
Reminiscing on his 21 months in office so far, Tinubu said, “There are no dusts in our eyes or tears on our cheeks. We worked closely with our 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. We can see signs of progress. Our national GDP growth rebounded to 3.86 per cent. Revenue increased to N21.63tn. Naira rebounded reflecting our resilience. We have reduced the deficit significantly, from 6.2 per cent in 2023 to 4.217 per cent. Forex reform is working in the foreign exchange market. The minimum wage has been raised, and we are meeting all obligations.”
Tinubu said though the 2024 fiscal year brought its tests, the administration is committed to securing every Nigerian’s future through economic discipline and strategic reforms.
“We affirm our commitment to securing the future, building prosperity and ensuring that every Nigerian share in the dividends of governance.
“The past year tested our resolve but through the economic discipline and strategic reform, we achieved what many deemed impossible,” he added.
Tinubu expressed gratitude to both chambers of the national assembly for their cooperation in ensuring a workable budget.
“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, we have seen the collaboration between the democracy of this government and the executive and legislative making a difference, determined to move our country forward.
“Today, I can smile at the fact that you have given hope to our people. We can only promise to work harder. I thank you very much,” he stated.
Tinubu signed the budget in the presence of principal officers of the National Assembly, including Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas.
The National Security Adviser, Nuhu Ribadu; FCT Minister, Nyesom Wike; the Ministers of Finance and Coordinating Minister of the Economy, Wale Edun and Budget and Economic Planning, Atiku Bagudu, among others.
Akpabio applauded Tinubu’s growing success, citing Nigeria’s increased revenue from non-oil sectors and describing how Tinubu submitted an ambitious ₦49.7tn budget.
He said working together, the executive and legislature identified additional sources of income, raising the figure to ₦54.7tn—the largest in Nigeria’s history.
Akpabio assured Tinubu of the National Assembly’s support for any policies that might reduce the suffering of Nigerians. Akpabio explained that although it took time to review the budget line by line, the process was necessary to align with not just the administration’s goals but the aspirations of the nation at large.
He also emphasised the importance of oversight, pledging that the legislature would closely monitor ministerial performance and report any lapses directly to the President.
“When you came to the National Assembly with a very ambitious budget of N49.7tn, little did we know that working with your team we would discover other sources of bringing revenue in and today, we are about to make history by signing the largest budget in Nigeria since independence, N54.7tn so I say congratulations sir.
“We on this side of the aisle believe strongly that anything that can alleviate the sufferings of Nigerians, any policy that you propose that can relieve the suffering of Nigerians, rest assured that the National Assembly, both chambers will go with you. We are behind you because we know you mean well for this country,” Akpabio said.
