Politics
PRESIDENT Bola Tinubu says discipline and diligence will be the benchmarks for implementing the 2025 Budget of Restoration.
He said the N54.99 trillion budget, which he signed into law on Friday at the Presidential Villa, Abuja, was based on projected revenues.
Sen. Godswill Akpabio, President of the Senate, Mr Tajudeen Abbass, Speaker of the House of Representatives, and Sen. Solomon Adeola, Senate Committee Chairman on Appropriation, witnessed the budget signing ceremony.
“Today, we take another bold step in our nation’s journey of economic recovery, stability, and growth with the signing of the 2025 Budget of Restoration.
“We reaffirm our commitment to securing our future, rebuilding prosperity, and ensuring that every Nigerian shares in the dividends of governance.
“The past year tested our resolve. But through economic discipline and strategic reforms, we achieved what many deemed impossible,” said the President.
Tinubu noted that the uncertainty over the economy was gradually clearing as the reforms took shape, delivering a national GDP growth of 3.86 per cent in the last quarter of 2024, the fastest in three years.
“Revenue increased to N21.6 trillion from N12.37 trillion, reflecting our drive for fiscal efficiency and the deficit reduced significantly – from 6.2 per cent in 2023 to 4.17 per cent in 2025.
“Forex reforms restored investor confidence, stabilising our markets.
“The minimum wage was raised to ₦70,000, 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,” the President added.
He thanked the leadership and members of the National Assembly for their collaboration in giving the appropriation bill speedy attention and passage.
The President highlighted some priority areas in the budget, including National Security, Infrastructure and energy, Human Capital Development, healthcare, education, and skills development.
He said the increased allocation for agriculture and food security would boost local food production and ensure that no Nigerian goes hungry.
Similarly, he said, the enhanced budget for social welfare would support youths, women, and vulnerable citizens.
“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,” he said.
Tinubu said every government agency would be held accountable for prudent spending and value-for-money initiatives.
“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,” the President added.
Akpabio assured the President of the full support of the National Assembly in implementing the budget.
He said the President inherited a “foaming economy” that needed urgent economic measures to recover.
He affirmed that President Tinubu’s experience from Lagos and versatility in managing men and resources enabled the economy’s ongoing reforms and turnaround.
Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said the passing of the budget had been a collaborative effort based on consultation, negotiation and analysis.
“The National Assembly has all along been partners in progress with you, Mr President,” he added. (NAN)
A.I
March 1, 2025
Tags: Mr Tajudeen Abbass President Bola Tinubu Sen. Godswill Akpabio
