UPDATED: Tinubu signs Nigeria's 2025 budget

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President Bola Tinubu has signed the 2025 Appropriation Bill, passed by the National Assembly, into law.

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The president signed the budget at a ceremony at the State House, Abuja on Friday.

PREMIUM TIMES reported that the National Assembly passed the N54.99 trillion budget on 13 February with an increase of about N750 billion from the N54.2 trillion proposed by the president.

Further adjustments were made on the budget on 18, February to correct allocation errors affecting some federal ministries, departments, and agencies (MDAs).

The amendment led to a reallocation of funds, increasing the budgetary provisions for some agencies while reducing allocations for others.

With the adjustments the budget has allocation of N13.5 trillion for Recurrent (Non-Debt) Expenditure, N23.4 trillion for Capital Expenditure, N3.6 trillion for Statutory Transfers, N14.3 trillion for Debt Service, N23.9 trillion for Capital Expenditure, and N13.8 trillion for Fiscal Deficit.

It is the president second full budget since he assumed office in 2025.

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Budget of commitment to securing the future

President Tinubu described the 2025 budget as one dedicated to empowering Nigerians, building a resilient economy, and securing the nation’s future.

He reiterated his administration’s commitment to rebuilding prosperity and ensuring that the benefits of governance reach every Nigerian.

“For 2025 budget or transformation, empowering people, building a resilient future, we affirm our commitment to securing future, rebuilding prosperity and ensuring that every Nigerian shares in the dividends of governance,” he said.

The president acknowledged that Nigeria’s economy had faced tough challenges but, claimed that his administration had remained steadfast and implementing necessary reforms to stabilise it.

“The past year tested our resolve but through the economic discipline and strategic reforms, we achieved what many deemed impossible.

“There is no dust on our faces and there are no tears in our chicks. We worked together as 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,” he said.

Despite the increasing hardship, President Tinubu claimed that Nigeria’s economy has made significant improvement with GDP rebounded to 3.86 per cent and revenue increased to N21.63 trillion.

ALSO READ: 2025 budget will empower Nigerians, build resilient future – Tinubu

“We can see signs of progress. Our national GDP growth rebounded to 3.86 per cent. Revenue increased to 21.63trillion. Naira rebounded reflecting our resilience. We have reduced the deficit significantly from 6.2 in 2003 to 4.217 per cent.

“Forex reform is working in the foreign exchange market. The minimum wage was raised and we are meeting all obligation,” he added.

Appreciation for National Assembly

Pesident Tinubu expressed gratitude to the leadership of the National Assembly for their cooperation and support in the budget review process.

He commended their collaborative spirits, noting that both the executive and legislative arms are working together to move Nigeria forward.

“I want to thank the National Assembly, everyone 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 democracy of this government and executive and legislative making a difference, determined to move our country forward.

“Today I can smile that you have given the hope to our people. We can only promise to work harder. I thank you very much,” the president said.