President Bola Ahmed Tinubu has officially signed the 2025 Appropriation Bill into law, approving the N54.99 trillion budget passed by the National Assembly.
The signing ceremony took place on Friday, February 28, 2025, at the State House in Abuja. This marks the president’s second full budget since assuming office in May 2023.
Budget Breakdown
The 2025 budget, tagged the Budget of Commitment to Securing the Future, reflects the administration’s commitment to economic reforms and national development.
The budget breakdown includes:
- Recurrent (Non-Debt) Expenditure: N13.5 trillion
- Capital Expenditure: N23.9 trillion
- Debt Service: N14.3 trillion
- Statutory Transfers: N3.6 trillion
- Fiscal Deficit: N13.8 trillion
The budget was increased by N750 billion from the N54.2 trillion initially proposed by the president following adjustments made by the National Assembly to correct allocation errors affecting some ministries, departments, and agencies (MDAs).
Speaking at the ceremony, President Tinubu described the 2025 budget as a blueprint to empower Nigerians, build a resilient economy, and secure the nation’s future.
“For the 2025 Budget of Transformation, empowering people, building a resilient future, we affirm our commitment to securing the future, rebuilding prosperity, and ensuring that every Nigerian shares in the dividends of governance,” Tinubu said.
The president acknowledged the economic challenges Nigeria faced in 2024 but emphasized that his administration’s reforms are beginning to yield positive results.
“The past year tested our resolve, but through economic discipline and strategic reforms, we achieved what many deemed impossible,” he added.
Economic Progress Amid Hardship
Despite widespread economic hardship, President Tinubu claimed that Nigeria’s economy is showing signs of improvement.
He highlighted key achievements, including:
- GDP growth rebounding to 3.86%
- Revenue increasing to N21.63 trillion
- Reduction of the fiscal deficit from 6.2% in 2023 to 4.217%
- Strengthening of the naira in the foreign exchange market
- Implementation of minimum wage increases
“We can see signs of progress. The forex reform is working, and the minimum wage has been raised. We are meeting all obligations,” Tinubu said.
National Assembly’s Role
President Tinubu praised the National Assembly for its cooperation in reviewing and passing the budget.
“I want to thank the National Assembly, everyone of them whether they participated in the review or not. We are building the same country,” he said.
The president particularly commended the leadership of the Senate and House of Representatives for their collaborative spirit in moving the country forward.
What You Should Know
- The 2025 budget is Tinubu’s second full appropriation bill since becoming president.
- The budget prioritizes infrastructure development, security, education, and economic reforms.
- The administration hopes to restore economic stability and boost GDP growth in the coming year.
With the budget now signed into law, all eyes are on the federal government to deliver on its promises to improve the living standards of Nigerians.
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