President Tinubu Signs ₦54.99 Trillion Budget, Highlights Economic Progress.
President Bola Tinubu has signed the 2025 budget of ₦54.99 trillion, assuring Nigerians that the government’s strategic reforms are driving progress and economic recovery.
Speaking at the signing ceremony at the Presidential Villa, Abuja, President Tinubu expressed optimism about Nigeria’s future, stating, “Today, we see a light at the end of the tunnel. We can see signs of progress.”
The National Assembly had passed the budget on 13 February 2025, increasing the initial proposal of ₦54.2 trillion to ₦54.99 trillion. The budget signing was attended by key government officials, including Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, National Security Adviser Nuhu Ribadu, Minister of Finance Wale Edun, and Minister of Budget and National Planning Atiku Bagudu, among others.
Economic Growth and Reforms
President Tinubu highlighted significant improvements in the economy, including:
– GDP growth reaching 3.86 per cent
– Revenue increasing to ₦21.63 trillion
– A rebranded naira, reflecting economic resilience
– A reduction in fiscal deficit from 6.2 per cent in 2003 to 4.217 per cent
– Successful forex reforms in the foreign exchange market
– An increase in the minimum wage, ensuring improved living standards
He reaffirmed his administration’s commitment to securing the future, building prosperity, and ensuring that every Nigerian benefits from governance. Reflecting on the past year, he acknowledged initial economic challenges but praised the collaboration between Nigerians and the government in overcoming them.
Budget Breakdown
The 2025 budget is structured as follows:
– ₦3.645 trillion for statutory transfers
– ₦14.317 trillion for debt servicing
– ₦13.64 trillion for recurrent expenditure
– ₦23.963 trillion for capital expenditure (development projects)
– Fiscal deficit set at ₦13.08 trillion
The deficit-to-GDP ratio stands at 1.52 per cent, reflecting a more sustainable fiscal outlook.
With these reforms, President Tinubu remains confident that Nigeria is on the path to economic stability and growth, ensuring a brighter future for its citizens.