2025 Budget: Tinubu Approves N54.99trn, Pledges Prosperity

Yesterday, President Bola Tinubu signed the N54.99 trillion 2025 Appropriation Bill into law, stating that his administration’s strategic reforms and fiscal restraint had produced outcomes that many had believed were unattainable.

Additionally, yesterday in Ilorin, Kwara State, Deputy Senate President Jibrin Barau and Minister of Agriculture and Food Security Abubakar Kyari announced that the president’s agricultural and food security reforms were working. Additionally, they stated that food prices were already declining in the nation’s markets.

Tinubu noted that the 2025 budget, which he referred to as a “Budget of Transformation,” was intended to empower people, strengthen economic resilience, and guarantee shared prosperity.
The law was signed during a brief ceremony in the President’s office at the State House, Abuja, on Thursday, February 13, after being approved in separate sessions by the two Chambers of the National Assembly. This was after Tinubu’s first submission of N49.7 trillion.

The 2025 Appropriation Act is a 99.96% increase over the N27.5 trillion 2024 Budget.
According to the 2025 budget breakdown, the total expenditure was N54.99 trillion, with N3.65 trillion coming from statutory transfers, N13.64 trillion from recurring (non-debt) expenses, N23.96 trillion from capital expenditures, N14.32 trillion from debt service, and a 1.52 percent deficit-to-GDP ratio.

Tinubu claims that although the previous year put our determination to the test, “we accomplished what many thought was impossible through economic discipline and strategic reforms.”
Speaking about the country’s economic progress over the past year, the president emphasized that although there had been some initial upheaval, the country was now steadily recovering.
“There are no tears on our cheeks, and there is no dust in our faces,” he said. Following the first turbulence, we collaborated as Nigerians, working together as brothers and sisters. The take-off was also somewhat hazy and unclear. There is light at the end of the tunnel today.

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Tinubu listed important economic metrics that showed resilience and recovery, stating that national revenue increased to N21.63 trillion and Nigeria’s GDP growth recovered to 3.86 percent.
With a national GDP increase of 3.86 percent in the last quarter of 2024—the fastest in three years—Tinubu observed that the economic uncertainty was progressively dissipating as the changes took shape.
Our desire for fiscal efficiency is shown in the revenue growth from N12.37 trillion to N21.6 trillion, and the deficit decreased dramatically from 6.2 percent in 2023 to 4.17 percent in 2025.

“Forex reforms stabilized our markets and regained investor confidence.” The President continued, “Infrastructure development advanced rapidly with transformative projects like the 1,068km Sokoto-Badagry Superhighway and the 750km Lagos-Calabar Coastal Highway. The minimum wage was raised to N70,000, strengthening the purchasing power of workers.”
“Our naira has recovered, demonstrating our resilience,” he remarked. From 6.2 percent in 2023 to 4.217 percent, we have drastically cut the deficit,” he said, adding that foreign exchange measures were helping to stabilize the market.

The President emphasized that “the minimum wage was raised, and we are meeting all obligations,” underscoring the administration’s dedication to enhancing workers’ welfare.
The President thanked MPs for their cooperation, acknowledging the National Assembly’s influence on the 2025 budget.

“I would like to express my gratitude to the entire National Assembly, regardless of whether they took part in the review or not,” he said. We are constructing the same nation, but the leadership in particular.
As a major driver of national advancement, he commended the cooperation between the legislative and executive branches of government.

“We have witnessed the cooperation between the legislative and executive branches of this government, making a difference, determined to move our country forward,” he said.
He declared, “We reaffirm our commitment to rebuilding prosperity, securing the future, and making sure that every Nigerian benefits from good governance.”
The president reassured Nigerians that his government will not back down in its efforts to boost the country’s economy and fulfill its commitments.

“I can smile today because you have given our people hope.” We can only pledge to put in more effort.
Speaking as well, Senate President Godswill Akpabio promised the President that the National Assembly will fully support the budget’s implementation.
According to Akpabio, the President inherited a “foaming economy” that required immediate economic action to revive.

He confirmed that the economy’s continuous changes and recovery were made possible by Tinubu’s experience from Lagos and adaptability in managing people and resources.
He praised Tinubu’s audacious economic changes and said that, despite its significant reliance on petroleum earnings, Nigeria is headed toward financial stability and growth.
Drawing on his experience as Lagos State’s governor, Akpabio praised the president’s ability to handle economic difficulties.

“I knew that with your experience in Lagos State, you were able to put the indices on course when you encountered an economy worth N600 billion, and Lagos is now booming with over N50 billion a month as IGR,” Akpabio stated.
The Senate President recalled his first reservations when Tinubu said that gasoline subsidies would no longer be provided, a move that had been avoided for more than 40 years by previous administrations.

“I returned to you and said, ‘Mr. President, are you not interested in running for reelection in 2027?'” I said, “How can you do this?” when you asked why. Let’s take it off gradually. However, you explicitly stated that the previous administration had already allocated funds to terminate the subsidy in May, so starting in June, you merely reiterated that it was no longer available,” Akpabio recalled.

He pointed out that in spite of early reservations, the President’s prompt action has contributed to economic stabilization and enabled Nigeria to make money from industries other than oil.
Akpabio praised Tinubu’s fiscal policies as well, emphasizing how the National Assembly and the administration collaborated to raise the budget’s size from N49.7 trillion to N54.99 trillion, the highest amount in Nigeria’s history.

We had no idea that we would find additional revenue streams by collaborating with your team when you presented the National Assembly with your extremely ambitious N49.7 trillion budget. We are going to create history today,” he declared.

The Senate President reiterated the legislature’s backing for measures aimed at easing Nigerians’ suffering.

“We know you mean well for this country, so you can be sure that both chambers of the National Assembly will accompany you,” he said.

He also emphasized the lawmakers’ dedication to making sure the budget is implemented effectively.

To make sure we fulfilled the goals of your administration as well as those of the entire country, we went over it line by line, clause by clause. We shall now conduct oversight functions to observe the actions of your ministers. And we’ll let you know if any of them are struggling,” Akpabio said.

Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, stated that the budget’s passage was the result of a cooperative effort based on study, negotiation, and consultation.

“Mr. President, you and the National Assembly have always been partners in progress,” he said.

Speaker of the House of Representatives Tajudeen Abbas, Solomon Olamikan, the chairman of the Senate Committee on Appropriations, and Nuhu Ribadu, the National Security Adviser (NSA), were also in attendance at the budget signing ceremony.

Others were Nyesom Wike, the Minister of the Federal Capital Territory (FCT); Wale Edun, the Minister of Finance and Coordinating Minister of the Economy; Atiku Bagudu, the Minister of Budget and Economic Planning; and Femi Gbajabiamila, the President’s Chief of Staff.

At the same time, Kyari and Barau announced that Tinubu’s agricultural and food security policies were working.

At the empowerment program hosted by the Senate Committee on Agriculture Chairman, who is representing the Kwara Central Senatorial District, Kyari and Barau made these remarks in Ilorin, the capital of Kwara State.

On this occasion, Mustapha gave more than 2,500 constituents empowerment tools and materials.

The Lower Niger River Basin Development Authority’s Ilorin location hosted the “Alubarika 1.0 Agricultural and Human Capital Development Empowerment Programme” event.

According to Kyari, the National Assembly and his ministry’s cooperation in implementing the President’s food security program is paying off, since the high prices of goods in the marketplace are progressively declining.

“Today, I can proudly beat my chest and boast that the food security reforms that President Bola Ahmed Tinubu initiated are working,” he remarked.

“We have observed and sense that food items are accessible, but they are progressively getting more reasonably priced. This is to demonstrate that President Tinubu, who champions food security, is acting in Nigerians’ best interests.

Additionally, I would like to thank my colleagues at the Federal Ministry of Agriculture for sharing Mr. President’s vision.

“The Senate Committee on Agriculture, which is in charge of me and is chaired by Senator Saliu Mustapha, has been keeping us alert and forcing us to align with Mr. President’s goals. We want well for Nigeria and Nigerians, and we share the same goals.

On behalf of Senate President Godswill Akpabio, Deputy Senate President Barau Jibrin expressed his satisfaction that Mustapha focused a larger portion of his empowerment agenda on agriculture.

Jibrin, who on the occasion gave 200 sewing machines, praised the Tinubu administration’s unique focus on the agriculture sector and encouraged other federal lawmakers to direct their zonal intervention program on this area.

“I call this a great empowerment program because it aims to empower the Saliu Mustapha constituents in the areas of agriculture and human capital development,” Jibrin stated.

“These are crucial areas that are critical to the prosperity of our country. Naturally, I don’t need to spend much time discussing how crucial agriculture is to every society.

“Every society’s ability to survive depends on agriculture. It is, in my view, the cornerstone of all societies as life cannot exist without food.

Additionally, 250 deep freezers, tricycles, 100 live cows, 400 grinding machines, and eight tractors were given to four local governments in Kwara Central as part of the celebration.

Among other things, 200 students received complete university scholarships, 400 irrigation machines, cars, gas-powered ovens with cylinders, fertilizers, agriculture inputs, power transformers, and other food items.

Meanwhile, the Northern-based organization Arewa Think Tank (ATT) also praised Tinubu’s economic measures, pointing to the recent nationwide collapse in food prices as proof of the success of his government.

Muhammad Alhaji Yakubu, the group’s chief convener, said in a statement that the drop in food costs, especially in Lagos State and Abuja, shows that the government’s economic policies are working.

“Before now, Arewa Think Tank advocated and pleaded on behalf of Mr. President that Nigerians should exercise patience and give Mr. President some more times,” he said. “Today, we are happy that advocacy is not a misplaced effort because Nigerians are now seeing positive results and changes in the country’s socio-economic development.

On a progressive pedestal, Nigerians would eventually witness more beneficial advances than what they are witnessing right now, so we continue to urge them to be more patient.

“What Nigerians should be aware of in 2025” Nigeria’s cost-of-living crisis has begun to improve for the first time since President Tinubu assumed office in May 2023.

The cost of essential food staples decreased in February 2025, according to a recent market survey conducted in Lagos, Nigeria’s economic center. This alleviated the financial strain on Nigerians who are already struggling financially after experiencing skyrocketing inflation since the 2020 epidemic.

According to a market survey, the price of a 5Okg bag of international parboiled rice has decreased from N110,000 five months ago to N85,000.

In just three months, the price of local parboiled rice fell from N105,000 to N95,000. A large basket of fresh tomatoes went from costing N120,000 to N35,000, a 70% decrease.

Five months ago, it sold for N5,500, but now it sells for N2,500 in Abuja and Onitsha. Three months ago, N1,000 could only buy three to four pieces of onion; today, it can buy six to ten pieces in Port Harcourt and Abuja.

“Since it has improved every family’s diet, the price reduction of beans, yams, and Garri is a huge relief for low-income earners.”