He said the N54.99 trillion budget, which he signed into law, is based on projected revenues.
Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbass, and Senate Committee Chairman on Appropriation Sen. Solomon Adeola witnessed the budget signing ceremony.
"Today, we take another bold step in our nation's journey of economic recovery, stability, and growth with the signing of the 2025 Budget of Restoration. We reaffirm our commitment to securing our future, rebuilding prosperity, and ensuring that every Nigerian shares in the dividends of governance.
"The past year tested our resolve. But through economic discipline and strategic reforms, we achieved what many deemed impossible. After the initial turbulent take-off, our people can see signs of progress and the promise of a better future. Our economy is turning the corner,'' the President said.
President Tinubu noted that the uncertainty over the economy was gradually clearing as the reforms took shape, delivering a national GDP growth of 3.86% in the last quarter of 2024, the fastest in three years.
"Revenue increased to N21.6 trillion from N12.37 trillion, reflecting our drive for fiscal efficiency and the deficit reduced significantly—from 6.2% in 2023 to 4.17% in 2025.
"Forex reforms restored investor confidence, stabilising our markets. The minimum wage was raised to ₦70,000, strengthening the purchasing power of workers, and infrastructure development advanced rapidly, with transformative projects such as the 750km Lagos-Calabar Coastal Highway and the 1,068km Sokoto-Badagry Superhighway,'' the President added.
President Tinubu thanked the leadership and members of the National Assembly for their collaboration in giving the appropriation bill speedy attention and passage.
"We have no dust on our faces or tears in our eyes. We walked together as brothers and sisters. Though the initial outlook was turbulent, we can now see signs of progress,'' he stated.
The President urged the legislators to extend the same support for implementing the budget.
The President highlighted some priority areas in the budget, including National Security, Infrastructure and energy, Human Capital Development, healthcare, education, and skills development.
President Tinubu said the increased allocation for agriculture and food security will boost local food production and ensure that no Nigerian goes hungry. Similarly, the enhanced budget for social welfare will support youths, women, and vulnerable citizens.
"This budget is bold, ambitious, and necessary. However, let me be clear: We cannot spend what we do not have.
"While we have significantly reduced the deficit, we must ensure that we back every naira spent with actual revenue. We will not burden future generations with reckless borrowing. Instead, we will expand government revenues through efficiency reforms and enhanced earnings; accelerate public-private partnerships and foreign investments to finance key projects,'' he said.
President Tinubu said every government agency would be held accountable for prudent spending and value-for-money initiatives.
"To ensure smooth budget implementation, we will work with the National Assembly to redefine corrigenda within the Appropriations Act.
"The redefinition will establish clear triggers for amendments, balancing executive needs with legislative oversight. A budget is not just numbers—it is a promise, and we must honour it with discipline,'' the President added.
"Today, we take another bold step in our nation's journey of economic recovery, stability, and growth with the signing of the 2025 Budget of Restoration. We reaffirm our commitment to securing our future, rebuilding prosperity, and ensuring that every Nigerian shares in the dividends of governance.
"The past year tested our resolve. But through economic discipline and strategic reforms, we achieved what many deemed impossible. After the initial turbulent take-off, our people can see signs of progress and the promise of a better future. Our economy is turning the corner,'' the President said.
President Tinubu noted that the uncertainty over the economy was gradually clearing as the reforms took shape, delivering a national GDP growth of 3.86% in the last quarter of 2024, the fastest in three years.
"Revenue increased to N21.6 trillion from N12.37 trillion, reflecting our drive for fiscal efficiency and the deficit reduced significantly—from 6.2% in 2023 to 4.17% in 2025.
"Forex reforms restored investor confidence, stabilising our markets. The minimum wage was raised to ₦70,000, strengthening the purchasing power of workers, and infrastructure development advanced rapidly, with transformative projects such as the 750km Lagos-Calabar Coastal Highway and the 1,068km Sokoto-Badagry Superhighway,'' the President added.
President Tinubu thanked the leadership and members of the National Assembly for their collaboration in giving the appropriation bill speedy attention and passage.
"We have no dust on our faces or tears in our eyes. We walked together as brothers and sisters. Though the initial outlook was turbulent, we can now see signs of progress,'' he stated.
The President urged the legislators to extend the same support for implementing the budget.
The President highlighted some priority areas in the budget, including National Security, Infrastructure and energy, Human Capital Development, healthcare, education, and skills development.
President Tinubu said the increased allocation for agriculture and food security will boost local food production and ensure that no Nigerian goes hungry. Similarly, the enhanced budget for social welfare will support youths, women, and vulnerable citizens.
"This budget is bold, ambitious, and necessary. However, let me be clear: We cannot spend what we do not have.
"While we have significantly reduced the deficit, we must ensure that we back every naira spent with actual revenue. We will not burden future generations with reckless borrowing. Instead, we will expand government revenues through efficiency reforms and enhanced earnings; accelerate public-private partnerships and foreign investments to finance key projects,'' he said.
President Tinubu said every government agency would be held accountable for prudent spending and value-for-money initiatives.
"To ensure smooth budget implementation, we will work with the National Assembly to redefine corrigenda within the Appropriations Act.
"The redefinition will establish clear triggers for amendments, balancing executive needs with legislative oversight. A budget is not just numbers—it is a promise, and we must honour it with discipline,'' the President added.
Let me just laugh
ReplyDeleteWe pray so,Mr president 🙏🏿
ReplyDeleteHopefully
ReplyDeleteNice one Mr president 👍, but you have been signing this book since morning abi my glasses no clear again 🙄🙄
ReplyDelete