NASS passes revised budget of N54.99trn for 2025

Nigerian lawmakers have approved President Bola Tinubu’s revised budget of N54.99 trillion for 2025, exceeding the proposal submitted earlier, the parliamentary speaker said on Thursday. It will be recalled that President Tinubu last week submitted a revised budget estimate of N54.2 trillion to the National Assembly due to additional earnings expected from revenue collection, agencies including from the tax authority, customs and other agencies. But lawmakers raised the amount again before granting their approval. Under Nigerian law, parliament can increase or cut the government’s spending plans.
The budget will be sent to Tinubu to be signed into law. Nigeria made a provision of N320 billion in the spending plan to fill gaps created by the United States’ suspension of aid to Nigeria’s health sector. Tinubu, now in his second year in office, had vowed during his campaign to revive growth in Africa’s most populous country. But swift reforms – including ending a petrol subsidy and two currency devaluations – implemented shortly after he came to power have driven up prices, triggering a cost-of-living crisis.
Inflation is expected to fall sharply to around 15% this year from a three-decade high of 34.8 per cent in January, helped by lower fuel imports, Tinubu said in December. The government said that spending priorities in 2025 would include bolstering security, investing in infrastructure, and implementing measures to ease the impact of the rising living costs. The deficit is estimated to be 1.52 per cent of the gross domestic product, or around N13 trillion.