President Tinubu Assures Nigerians of an Improved Economy As He Signs the Historic N54.99 Trillion Budget Of Restoration
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President Bola Tinubu said Friday in Abuja that disciplined focus and diligence would be the benchmarks for implementing the historic "2025 Budget of Restoration. “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. 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, and the fastest in three years.
President Tinubu thanked the leadership and members of the National Assembly for their collaboration in giving the appropriation bill speedy attention and passage. 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.
President Tinubu said every government agency would be held accountable for prudent spending and value-for-money initiatives. The President of the Senate, Godswill Akpabio, assured the President of the full support of the National Assembly in implementing the budget. Sen. Akpabio noted that the President inherited a "foaming economy" that needed urgent economic measures to recover. The Senate President affirmed that President Tinubu's experience from Lagos and versatility in managing men and resources enabled the economy's ongoing reforms and turnaround.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the passing of the budget had been a collaborative effort based on consultation, negotiation and analysis. "The National Assembly has all along been partners in progress with you, Mr. President,'' he added.