Nigerian lawmakers have approved a 54.99 trillion naira ($36.6 billion) budget for 2025, surpassing the proposal submitted by President Bola Tinubu.
Tinubu initially presented a revised budget of 54.2 trillion naira last week, citing additional revenue expected from tax authorities, customs, and other government agencies.
However, lawmakers increased the amount before granting final approval, exercising their constitutional power to amend government spending plans.
The approved budget will now be sent to President Tinubu for his signature, making it law.
A key allocation in the spending plan includes $200 million to address funding gaps created by the United States’ suspension of aid to Nigeria’s health sector.
Tinubu, now in his second year in office, had pledged to revitalize the economy, but his swift reforms—such as scrapping fuel subsidies and implementing currency devaluations—have led to rising prices and a cost-of-living crisis.
Despite these economic challenges, inflation is projected to drop sharply from a three-decade high of 34.8% in January to around 15% by the end of the year, aided by lower fuel imports.
Government spending in 2025 will focus on bolstering national security, expanding infrastructure, and easing economic hardship caused by inflation and currency instability.
Nigeria’s budget deficit is expected to reach 1.52% of the country’s gross domestic product, amounting to approximately 13 trillion naira.
