President Bola Tinubu on Friday, February 28, signed the N54.99 trillion 2025 Appropriation Bill into law at the State House, Abuja.
The bill, which was passed by the National Assembly on Feb. 13, after increasing it from the initial N49.7 trillion submitted by President Tinubu, was signed in a brief ceremony in the President’s office.
The 2025 Appropriation Act represents a 99.96 per cent increase from the 2024 Budget of N27.5 trillion.
The 2025 budget has a total expenditure component of ₦54.99 trillion, statutory transfers of ₦3.65 trillion and recurrent (Non-Debt) expenditure of ₦13.64 trillion.
The capital expenditure component is ₦23.96 trillion, debt servicing of ₦14.32 trillion and deficit-to-GDP Ratio of 1.52 per cent.
Sen. Godswill Akpabio, President of the Senate and other leaders of the National Assembly witnessed the signing of the budget.
President Bola Tinubu says the N54.99 trillion 2025 budget signed into law will empower Nigerians and build a resilient future.
The President said this after signing the budget in a brief ceremony witnessed by Sen. Godswill Akpabio, President of the Senate, and other leaders of the National Assembly at the Presidential Villa, Abuja.
“We reaffirm our commitment to securing the future, rebuilding prosperity and ensuring that every Nigerian shares in the dividends of governance.
“The past year tested our resolve but through the economic discipline and strategic reforms, we achieved what many deemed impossible.
“There is no dust in our faces and there are no tears on our cheeks. We worked together as brothers and sisters collaboratively.
“After the initial turbulence, and the take-off was very cloudy and uncertain; today, we see light at the end of the tunnel,” said the President.
He said there were signs of progress in the country, with GDP growth rebounding to 3.86 per cent and revenue increasing to N21.63 trillion.
The President said the Naira rebounded reflecting the resilience of Nigerians: “We have reduced the deficit significantly from N6.2 in 2003 to N4.217 per cent.
“The forex reform is working in the foreign exchange market. The minimum wage was raised and we are meeting all obligations.
“I want to thank the National Assembly; everyone of them whether they participated in the review or not, we are building the same country.”
Tinubu said the collaboration between the executive and legislature was making a difference, and that he was determined to move the country forward.
“Today, I can smile that you have given the hope to our people. We can only promise to work harder,” Tinubu said.
By Salif Atojoko