ABUJA – Nigerian lawmakers have approved a ₦54.99 trillion ($36.6 billion) budget for 2025, surpassing President Bola Tinubu’s revised proposal of ₦54.2 trillion, the parliamentary speaker announced Thursday.
Thank you for reading this post, don't forget to subscribe!Tinubu had adjusted the budget last week to reflect additional revenue from taxes, customs, and other agencies, but lawmakers further increased the allocation before approval. Under Nigerian law, parliament holds the authority to amend government spending plans.
The budget, now awaiting Tinubu’s presidential assent, includes a $200 million provision to compensate for gaps left by the U.S. suspension of health sector aid. Key spending priorities for 2025 focus on security, infrastructure, and easing economic pressures.
Despite economic challenges, Tinubu remains committed to his growth revival agenda. His early reforms—including the removal of a fuel subsidy and currency devaluations—have contributed to a cost-of-living crisis. However, inflation, which hit a three-decade high of 34.8% in January, is expected to drop to around 15% by year-end.
Nigeria’s fiscal deficit is projected at ₦13 trillion (1.52% of GDP).
