Nigerian lawmakers have approved a 2025 budget of 54.99 trillion naira ($36.6 billion), surpassing the revised proposal submitted by President Bola Tinubu, the Speaker of the National Assembly announced on Thursday.
Tinubu had earlier proposed a revised budget of 54.2 trillion naira, anticipating additional revenues from tax collection, customs duties, and other agencies. However, parliamentarians increased the budget before granting their approval. Under Nigerian law, lawmakers have the power to adjust the government’s spending plans by either raising or reducing the proposed amounts.
The approved budget will now be sent to President Tinubu for final approval and signing into law.
A significant part of the budget includes a provision of $200 million to address the funding gap created by the United States’ suspension of aid to Nigeria’s health sector.
As President Tinubu enters his second year in office, his administration faces ongoing economic challenges. During his campaign, he pledged to rejuvenate Nigeria’s economy, but his rapid reforms—such as the removal of the petrol subsidy and the devaluation of the national currency—have led to rising prices and an escalating cost-of-living crisis.
Inflation is expected to drop significantly in 2025, falling to around 15%, down from a 34.8% peak in January, largely due to reduced fuel imports, according to Tinubu’s statements in December.
The government’s spending priorities for 2025 include enhancing security, investing in infrastructure, and implementing measures to alleviate the economic pressures faced by Nigerians. The budget also outlines a deficit of approximately 1.52% of the country’s GDP, or around 13 trillion naira.
