President Bola Tinubu solidified his administration’s economic agenda by signing into law the 2025 Appropriation Bill, a colossal N54.99 trillion ($36.6 billion) budget, marking the largest in Nigeria’s history. The signing ceremony, held at the State House in Abuja, underscored a collaborative effort between the executive and legislative branches, with Tinubu lauding the joint work that led to the budget’s fruition. Initially proposed at N54.2 trillion, the final figure reflects an increase based on anticipated revenue gains from key agencies like the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS). These upward revisions, totaling N1.4 trillion from the FIRS, N1.2 trillion from the NCS, and N1.8 trillion from other agencies, demonstrate the government’s focus on maximizing revenue streams to fund its ambitious plans for the fiscal year.
Tinubu’s address during the signing ceremony highlighted the administration’s progress despite initial challenges upon taking office in 2023. He painted a picture of economic resilience, citing a rebound in national GDP growth to 3.86%, a surge in revenue to N21.63 trillion, and a strengthening of the Naira. These positive indicators, coupled with a significant reduction in the budget deficit from 6.2% in 2023 to a projected 4.217%, signal a commitment to fiscal prudence. Further achievements include foreign exchange market reforms, a minimum wage increase, and the fulfillment of financial obligations, all contributing to a narrative of stability and growth under Tinubu’s leadership.
The President emphasized his administration’s dedication to securing the future of every Nigerian through economic discipline and strategic reforms. He acknowledged the tests faced during the 2024 fiscal year but underscored the determination to deliver prosperity and ensure equitable distribution of the dividends of governance. This commitment to shared prosperity is a recurring theme in Tinubu’s economic pronouncements, reflecting a focus on inclusive growth and development. The signing of the 2025 budget serves as a tangible manifestation of this commitment, providing the financial framework to implement policies aimed at improving the lives of Nigerians.
Expressing gratitude to the National Assembly, Tinubu praised the collaborative spirit between the executive and legislative branches, emphasizing the shared goal of nation-building. He specifically acknowledged the leadership within the National Assembly for their role in shaping a workable budget that provides hope for the people. This collaborative approach, fostering a spirit of partnership between the two branches of government, is crucial for effective governance and the successful implementation of the ambitious plans outlined in the budget. Tinubu’s recognition of this partnership underscores its importance in driving progress and achieving national objectives.
Senate President Godswill Akpabio echoed Tinubu’s sentiments, applauding the President’s economic achievements and highlighting the collaborative effort that led to the historic budget size. He noted the identification of additional revenue sources, enabling the expansion of the budget beyond the initial proposal. Akpabio reiterated the National Assembly’s commitment to supporting policies that alleviate the suffering of Nigerians, emphasizing their alignment with the President’s vision for the country. This pledge of support underscores the legislative branch’s commitment to working in tandem with the executive to address the needs of the populace and translate the budget’s provisions into tangible improvements in the lives of citizens.
Akpabio further emphasized the importance of legislative oversight, assuring a thorough review of the budget’s implementation and close monitoring of ministerial performance. He pledged to report any lapses directly to the President, highlighting the National Assembly’s role in ensuring accountability and the effective use of public funds. This commitment to oversight reinforces the principle of checks and balances within the government and strengthens the framework for transparent and responsible governance. The collaborative spirit and the emphasis on oversight promise a robust and accountable approach to managing the largest budget in Nigeria’s history, aiming to translate its ambitious provisions into tangible benefits for the Nigerian people.
