President Bola Tinubu says his administration will avoid reckless borrowing and expand government revenues through reforms and enhanced earnings.
Speaking after signing the 2025 budget into law at the State House on Friday, Tinubu said the government would accelerate public-private partnerships and foreign investments to finance key projects.
The president signed the N54.99 trillion 2025 appropriation bill into law, marking a 99.96 percent increase from the 2024 budget of N27.5 trillion.
The national assembly approved the bill on February 13, after revisions to Tinubu’s initial budget proposal of N49.7 trillion.
The key breakdown of the 2025 budget includes a total expenditure of N54.99 trillion, statutory transfers of N3.65 trillion, and a recurrent (non-debt) expenditure of N13.64 trillion.
The president added that the government would also hold every agency accountable for prudent spending and value-for-money initiatives.
“Today, we take another bold step in our nation’s journey of economic recovery, stability, and growth,” he said.
“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. Our national GDP growth rebounded to 3.86% in the last quarter, the fastest in three years.
“Revenue increased to N21.6 trillion from N12.37 trillion, reflecting our drive for fiscal efficiency; 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 N70,000, strengthening the purchasing power of workers.
“Infrastructure development advanced rapidly, with transformative projects such as the 750 km Lagos-Calabar Coastal Highway and the 1,068 km Sokoto-Badagry Superhighway.”
Tinubu added that his administration has laid the foundation for the stability of the country’s economy, saying, “Now, we must build on it.”
“With an unprecedented N54.99 trillion budget, we are making the largest-ever investments in critical sectors: national security—N6.11 trillion, the highest defence allocation in Nigeria’s history to secure our nation from threats,” he said.
” Infrastructure—N5.99 trillion: major rail, road, and energy projects to connect our cities and drive economic expansion. Human capital development—N5.70 trillion: unprecedented funding for healthcare, education, and skills development.
“Agriculture and food security—N3.73 trillion: This will boost local food production and ensure no Nigerian goes hungry. Social welfare N723.68 billion: will support our youth, women, and vulnerable citizens.
“This budget is bold, ambitious, and necessary. However, let me be clear: We cannot spend what we do not have.”
Tinubu said the government has “significantly reduced the deficit,” adding that efforts would be made to ensure that every naira spent is backed with actual revenue.
“We will not burden future generations with reckless borrowing,” he said.
“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.
“Fellow Nigerians, this budget is more than figures—it is a statement of purpose. It is a commitment to security, prosperity, and opportunity for all.
“With hard work, discipline, and faith, we will restore our economy, rebuild our nation, and secure a brighter future for every Nigerian.”
