President Tinubu signs N54.99trn 2025 budget into law

President Bola Tinubu signed the N54.99 trillion 2025 Appropriation Bill into law on Friday. Mr Tinubu signed the budget at a small ceremony attended by the principal officers of the National Assembly and other top government officials in Abuja. The 2025 budget is 99.96 per cent higher than the 2024 Appropriation Bill of N27.5 trillion. The bill was jerked up from the initial figure of N49.7 trillion ($36.6 billion), which Mr Tinubu initially submitted. The lawmakers approved the bill on February 13 after a series of revisions. The increase reflects additional anticipated revenues from agencies such as the Federal Inland Revenue Service and the Nigeria Customs Service.
The 2025 budget aims to address key areas, including security, infrastructure, education, and health, with an allocation of $200 million to mitigate the impact of the recent U.S. health aid reductions. It is also based on ambitious economic assumptions, including a crude oil production target of 2.06 million barrels per day at a benchmark price of $75 per barrel. A breakdown of the budget shows that it includes a total expenditure of ₦54.99 trillion and statutory transfers of ₦3.65 trillion.
The recurrent (non-debt) expenditure is ₦13.64 trillion. The capital expenditure is ₦23.96 trillion; debt servicing is taking ₦14.32 trillion), while the deficit-to-gross domestic product (GDP) ratio was pegged at 1.52 per cent. Mr Tinubu’s government had projected an exchange rate of ₦1,500 to the U.S. dollar and aims to reduce inflation from 34.8 per cent to 15 per cent within the year.