President Bola Tinubu has signed into law the “2025 Budget of Restoration,” emphasizing that disciplined focus and diligence will be the guiding principles for its implementation.
The budget, valued at N54.99 trillion, is based on projected revenues and marks a significant step in the administration’s economic recovery agenda.
Bayo Onanuga, Special Adviser to the President (Information & Strategy), made this information available, highlighting that the signing ceremony was held in Abuja on Friday and was witnessed by Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, and Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola.
“Today, we take another bold step in our nation’s journey toward economic recovery, stability, and growth. With this budget, we reaffirm our commitment to securing a prosperous future, ensuring that every Nigerian benefits from good governance,” Tinubu declared.
Reflecting on the past year, the President acknowledged the challenges faced but highlighted achievements made through economic discipline and structural reforms. “The past year tested our resolve, but we achieved what many thought impossible. After an initial turbulent phase, the Nigerian people are beginning to see signs of progress and a better future. Our economy is turning the corner,” he stated.
Tinubu pointed out that economic uncertainty is gradually fading as reforms take hold, citing a national GDP growth rate of 3.86% in the last quarter of 2024—the fastest in three years. He also noted that government revenue had increased from N12.37 trillion to N21.6 trillion, while the fiscal deficit had been significantly reduced from 6.2% in 2023 to 4.17% in 2025.
“Forex reforms have restored investor confidence, stabilizing the markets. The minimum wage has been raised to N70,000, enhancing workers’ purchasing power. Meanwhile, infrastructure projects such as the 750km Lagos-Calabar Coastal Highway and the 1,068km Sokoto-Badagry Superhighway are progressing rapidly,” Tinubu added.
The President expressed gratitude to the National Assembly for its swift passage of the budget and called on lawmakers to extend the same level of support during its implementation. “We have walked together as partners. Though the journey was initially rough, the signs of progress are now evident,” he said.
Highlighting key priority areas, Tinubu stressed that national security, infrastructure, energy, human capital development, healthcare, education, and skills acquisition would receive heightened attention. He also underscored the increased budgetary allocation for agriculture and food security, aimed at boosting local production and ensuring that no Nigerian goes hungry.
“This budget is ambitious yet necessary. But let me be clear: We cannot spend what we do not have. While we have significantly reduced the deficit, we must ensure that every naira spent is backed by real revenue. We will not mortgage our future through reckless borrowing but will enhance earnings, drive efficiency reforms, and attract private and foreign investment to finance key projects,” Tinubu affirmed.
The President assured that all government agencies would be held accountable for prudent spending and transparency. “To guarantee smooth implementation, we will work with the National Assembly to redefine corrigenda within the Appropriations Act. This will establish clear conditions for budget amendments while balancing executive needs with legislative oversight. A budget is not just numbers—it is a promise, and we must honor it with discipline,” he emphasized.
Speaking at the event, Senate President Godswill Akpabio pledged the National Assembly’s full support for the budget’s implementation, noting that Tinubu inherited an economy that required urgent intervention. “The economy was in distress, but with your experience in governance and resource management, the ongoing reforms are yielding results,” Akpabio said.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the budget’s passage as a product of extensive consultation, negotiation, and analysis. “The National Assembly has been a partner in progress with Mr. President throughout this process,” Edun remarked.
