diff --git a/CHANGELOG.md b/CHANGELOG.md
index b9c93096..d28709a8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # NVIDIA Container Toolkit Changelog
 
+## v1.16.0
+- Promote v1.16.0-rc.2 to v1.16.0
+
+### Changes in the Toolkit Container
+- Bump CUDA base image version to 12.5.1
+
+
 ## v1.16.0-rc.2
 - Use relative path to locate driver libraries
 - Add RelativeToRoot function to Driver
diff --git a/versions.mk b/versions.mk
index f15ef9a2..01f869e0 100644
--- a/versions.mk
+++ b/versions.mk
@@ -14,7 +14,7 @@
 
 LIB_NAME := nvidia-container-toolkit
 LIB_VERSION := 1.16.0
-LIB_TAG := rc.2
+LIB_TAG :=
 
 # The package version is the combination of the library version and tag.
 # If the tag is specified the two components are joined with a tilde (~).