President Bola Tinubu on Friday signed a budget of N54.99 trillion for the 2025 fiscal year, assuring that his government sees light of progress in Nigeria with the strategic reforms being implemented.
“Today, we see a light at the end of the tunnel. We can see signs of progress,” the President said during the signing ceremony at the Presidential Villa, Abuja.
The National Assembly had on 13 February 2025, passed the budget, increasing President Tinubu’s proposal from N54.2 trillion to N54.99 trillion.
President Tinubu was joined at the signing ceremony by President of the Senate Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, the National Security Adviser (NSA) Nuhu Ribadu, as well as the Minister of FCT, Minister of Finance and Coordinating Minister of the Economy Wale Edun, and the Minister of Budget and National Planning, Atiku Bagudu, among other senior government officials.
Tinubu said, “Our national GDP growth rebranded to 3.86 percent. Revenue increased to N21.63 trillion.
“Naira rebranded reflecting our resilience. We have reduced the deficit significantly, from 6.2 in 2003 to 4.217 percent. Forex reform is working in the foreign exchange market.
“The minimum wage was raised and we are meeting all obligations.”
President Tunubu continued “We affirm our commitment to securing the future, building prosperity and ensuring that every Nigerian shares in the dividends of governance.
“The past year tested our resolve but through economic discipline and strategic reform, we achieved what many deemed impossible.
“There are no dust in our — and there are no tears in 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.”
A breakdown of the budget showed that N3.645trillion is for statutory transfers, N14.317trillion for debt servicing, N13.64trillion for recurrent expenditure, and N23.963trillion is for capital expenditure (development fund), with fiscal deficit put at N13.08trillion.
The deficit-to-Gross Domestic Product (GDP) ratio is put at 1.52 percent.
