…your reforms are working, Akpabio tells President
President Bola Ahmed Tinubu on Friday signed the N54.99 trillion 2025 budget into law, marking the largest fiscal plan in Nigeria’s history.
The signing ceremony, held at the Presidential Villa, Abuja, was attended by the leadership of the National Assembly, ministers, and senior government officials.
The budget, which was initially N49.7 trillion, was increased after extensive consultations between the executive and legislative arms of government.
It comprises N3.645 trillion for statutory transfers, N14.317 trillion for debt servicing, N13.64 trillion for recurrent expenditure, and N23.963 trillion for capital projects, with a fiscal deficit of N13.08 trillion.
Speaking after signing the budget, President Tinubu reaffirmed his administration’s commitment to economic transformation, resilience, and shared prosperity for all Nigerians.
“For 2025, we are focused on transformation, empowering people, and building a resilient future. We affirm our commitment to securing the future, rebuilding prosperity, and ensuring that every Nigerian shares in the dividends of governance,” he said.
Reflecting on the economic challenges of the past year, the President emphasized the progress made through strategic reforms and fiscal discipline.
“The past year tested our resolve, but through economic discipline and reforms, we achieved what many deemed impossible. We faced uncertainty, but today, we see a light at the end of the tunnel. Our national GDP growth rebounded to 3.86%, revenue increased to ₦21.63 trillion, and the naira has stabilized, reflecting our resilience.”
He also highlighted key economic reforms, including foreign exchange market liberalization, deficit reduction, and minimum wage increases, while praising the National Assembly for its collaboration in shaping the budget.
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“I want to thank the National Assembly—everyone, whether they participated in the review or not—because we are building the same country. The collaboration between this government and the legislature is making a difference. Today, I can smile because we have given hope to our people. We can only promise to work harder.”
Senate President Godswill Akpabio, in his remarks, praised Tinubu’s leadership and policy decisions, particularly the removal of fuel subsidies and the diversification of Nigeria’s revenue sources.
“Mr. President, I recall when you took office, we met and you said, ‘This will afford me the opportunity to put on my thinking cap.’ I saw strength, character, determination, and unwavering commitment. You took bold steps—when you removed the fuel subsidy, many thought it was political suicide. I even asked you, ‘Mr. President, don’t you want re-election in 2027?’ But you stood firm because you knew that subsidy was unsustainable. Today, our economy is about to float even without relying on petroleum revenue.”
Akpabio emphasised that Tinubu’s economic reforms have started yielding results, with Nigeria generating substantial income from the non-oil sector.
“Your reforms are working. When you first presented a N49.7 trillion budget, little did we know that, working with your team, we would discover additional revenue sources. Today, we are making history with the largest budget since independence—N54.99 trillion. Congratulations, Mr. President!”
The Senate President assured Tinubu of the National Assembly’s unwavering support in implementing policies that would alleviate the suffering of Nigerians.
“Any policy that improves the lives of Nigerians, rest assured that both chambers of the National Assembly will stand with you. We scrutinized this budget line by line to ensure it aligns not just with your administration’s vision but with the aspirations of the entire nation. Now that it is law, we will carry out oversight functions to ensure that your ministers deliver. And any of them not doing well, we will report them to you.”
and then