Nigerian Lawmakers Approve $36.6 Billion Budget for 2025

In a significant development, Nigerian lawmakers have approved a 2025 budget totalling 54.99 trillion Naira ($36.6 billion), surpassing the amount initially proposed by President Bola Tinubu, according to an announcement from the parliamentary speaker on Thursday.
Last week, President Tinubu had submitted a revised budget of 54.2 trillion naira to the National Assembly, reflecting expected additional revenues from sources like tax collection, customs, and other government agencies. However, lawmakers exercised their authority to increase the proposed amount before granting approval, as permitted under Nigerian law.
The budget will now be sent to President Tinubu for his final approval and signature into law. It includes a provision of $200 million aimed at addressing the gap created by the suspension of U.S. aid to Nigeria’s health sector.
Entering his second year in office, President Tinubu’s administration remains focused on fostering growth in Africa’s largest economy. The swift reforms undertaken—including the removal of fuel subsidies and two currency devaluations—have contributed to rising inflation and a cost-of-living challenge. Nonetheless, inflation is expected to decrease substantially to around 15% this year, down from the 34.80% high in January, largely due to a reduction in fuel imports, as noted by the President in December.
The government’s key spending priorities for 2025 include strengthening national security, investing in infrastructure, and implementing measures to mitigate the effects of rising living costs. The projected budget deficit is estimated to be 1.52% of GDP, or roughly 13 trillion Naira.
It is important to recognise that while the state of a nation’s economy can have an impact on individuals, it is possible to navigate these challenges with resilience. Throughout history, many individuals have found success and accumulated wealth despite difficult economic conditions. The recent increase in the budget is certainly a positive development, and it brings reassurance that the country continues to receive crucial support. This is encouraging news, as it ensures that those who are less fortunate and unable to access proper healthcare will receive the assistance they need. However, it is also wise to strive for independence from government policies and budgets when possible, so as not to be overly reliant on external factors.