President Bola Ahmed Tinubu has assented to the 2025 appropriation bill on Friday at a brief ceremony at the State House, Abuja.
He praised the concerted work and cooperation of Nigerians and his administration which he noted yielded massive and remarkable outcome despite a rocky start experience when he assumed office in 2023.
The appropriation bill was successfully passed by both chambers of the National Assembly on February 13, after President Tinubu wrote the legislature for an increase to the initial #49.7tn budget estimate.
The National Assembly approved a N54.99tn ($36.6bn) budget for the fiscal year, surpassing President Bola Tinubu’s initial proposal of N54.2tn.
President Tinubu explained that the increase signifies additional expected revenue from revenue generating agencies such as the Nigerian Custom Service and Federal Inland Revenue Service.
The additional revenue generated from the FIRS was #1.4tn, while the Nigerian Custom Service realized #1.2tn as other agencies got #1.8tn.
Reflecting on his 21 months in office so far, Tinubu said, “There are no dusts in our eyes or tears on our cheeks. We worked closely with our brothers and sisters, collaborative Nigerians, after the initial turbulence, and the take-off was very cloudy, and uncertain.
“Today, we see a light at the end of the tunnel. We can see signs of progress. Our national GDP growth rebounded to 3.86 per cent. Revenue increased to N21.63tn. Naira rebounded reflecting our resilience. We have reduced the deficit significantly, from 6.2 per cent in 2023 to 4.217 per cent. Forex reform is working in the foreign exchange market. The minimum wage has been raised, and we are meeting all obligations.”
President Tinubu noted however that the 2024 fiscal year was not without its challenges, the administration remain poised to securing the future of Nigerians through economic prudence and strategic reforms.
“We affirm our commitment to securing the future, building prosperity and ensuring that every Nigerian share in the dividends of governance.
“The past year tested our resolve but through the economic discipline and strategic reform, we achieved what many deemed impossible,” he added.
Tinubu expressed appreciation to both chambers of the National Assembly for their cooperation in achieving a robust and realistic appropriation.
“I want to thank the National Assembly, every one of them, whether they participated in the review or not, we are building the same country.
“But particularly the leadership, we have seen the collaboration between the democracy of this government and the executive and legislative making a difference, determined to move our country forward.