Akpabio Hails Tinubu’s Reforms as Nigeria Signs N54.7 Trillion Budget
Senate President Godswill Akpabio has praised President Bola Ahmed Tinubu’s bold economic reforms, crediting his leadership for steering Nigeria’s economy towards stability and growth.
Speaking at the signing ceremony of the historic N54.7 trillion 2025 budget, Akpabio highlighted the administration’s decisive policy moves, including the removal of fuel subsidies and diversification of revenue sources.
Recalling Tinubu’s tenure as Lagos State governor, Akpabio noted his transformation of the state’s economy from N600 billion to an internally generated revenue (IGR) exceeding N50 billion monthly. He expressed confidence that the president’s experience and vision would similarly propel Nigeria forward.
“I recall when we met you and we said the situation was like a prison, but you said it would afford you the opportunity to put on your thinking cap. With the help of Almighty Allah, you pledged to turn this country around,” Akpabio stated. “I saw strength, character, determination, and unwavering commitment in you.”
Fuel Subsidy Removal and Economic Reforms
Akpabio lauded Tinubu for taking a historic step in eliminating fuel subsidies, a policy that previous administrations had struggled with for over 40 years. He revealed that he initially questioned the timing of the decision, expressing concerns about its impact on the president’s potential reelection in 2027.
“Mr. President, don’t you want reelection in 2027?” Akpabio recounted asking. “You explained that the previous administration had already budgeted for fuel subsidies only until May, and from June, Nigeria had to move forward without it. Many did not understand at the time, but today, we see the economy stabilizing even without relying on petroleum revenue.”
According to Akpabio, Tinubu’s ability to navigate challenges, including contesting the presidential election amid a nationwide currency redesign that left little campaign funding, demonstrated his resilience and the faith Nigerians placed in him.
Nigeria’s Largest Budget in History
Akpabio also celebrated the administration’s efforts in boosting non-oil revenue, which facilitated the expansion of Nigeria’s budget from the initially proposed N49.7 trillion to a record N54.7 trillion. He described this as a milestone in Nigeria’s economic history, saying, “We are about to make history by signing the largest budget since independence. Congratulations, Mr. President.”
Legislative Support and Oversight
Reaffirming the National Assembly’s commitment to supporting policies aimed at alleviating Nigerians’ economic hardships, Akpabio assured Tinubu that lawmakers were aligned with his vision.
“Anything that can alleviate the suffering of Nigerians, you can be rest assured that both chambers of the National Assembly are behind you,” he stated. “We thoroughly reviewed the budget line by line, clause by clause, to ensure it meets not just your administration’s aspirations, but those of the entire nation.”
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He emphasized the legislature’s role in ensuring accountability, pledging that lawmakers would carry out oversight functions to monitor ministerial performance. “We will ensure that your ministers deliver on their mandates, and if anyone falls short, we will report them to you,” he concluded.
With the signing of the N54.7 trillion budget into law, Nigeria embarks on a new fiscal year focused on economic recovery, infrastructural development, and enhanced public welfare, underscoring the Tinubu administration’s commitment to national progress.
