The Nigerian government has approved a ₦54.99 trillion ($36.6 billion) budget for the 2025 fiscal year, marking a significant increase from the initially proposed ₦49.7 trillion. This expansion reflects the administration’s efforts to bolster revenue and address pressing national needs.Reuters
Key Highlights of the 2025 Budget
- Budget Title: “The Restoration Budget: Securing Peace, Rebuilding Prosperity”
- Total Approved Budget: ₦54.99 trillion ($36.6 billion)
- Initial Proposal: ₦49.7 trillion
- Budget Deficit: Approximately ₦13 trillion, representing 3.89% of the estimated GDP impactngr.com+2placng.org+2Economic Times+2Reuters+3Reuters+3Reuters+3
Revenue Projections
The upward revision of the budget is attributed to increased revenue projections from key government agencies:Reuters+1okay.ng+1
- Federal Inland Revenue Service (FIRS): ₦1.4 trillion
- Nigeria Customs Service (NCS): ₦1.2 trillion
- Other Government Agencies: ₦1.8 trillion Budget Office of the Federation+10Financial Times+10placng.org+10Reuters
Sectoral Allocations
The budget prioritizes several critical sectors:Financial Times+3Vanguard News+3NISIR+3
- Defense and Security: ₦5.43 trillion (9.87%)
- Infrastructure: ₦4.47 trillion (8.16%)
- Education: ₦3.89 trillion (7.08%)
- Health: ₦2.74 trillion (4.99%) NISIR
Notably, allocations to defense, education, and health have seen reductions compared to previous budgets, prompting discussions on the implications for national development.NISIR
Fiscal Strategies and Reforms
To enhance fiscal sustainability, the government has implemented several measures:Reuters
- Electricity Subsidy Reduction: A 35% cut in electricity subsidies following a targeted tariff hike for high-usage consumers, generating an additional ₦700 billion in revenue and reducing the tariff shortfall from ₦3 trillion to ₦1.9 trillion
- Tax Reforms: Plans to nearly double the Value Added Tax (VAT) to 12.5% by 2026, with exemptions for essential items like food and medicine, aiming to reduce inflation from 34.8% to 15% ReutersReuters
Social Interventions
In response to the suspension of U.S. health aid, Nigerian lawmakers have approved an additional $200 million for the health sector to mitigate the impact, focusing on vaccine supply and epidemic disease treatment .AP News+1Reuters+1
Future Outlook
Renowned constitutional lawyer Dr. Olisa Agbakoba has advocated for a bold ₦500 trillion national budget by 2026/27, emphasizing the need for innovation and legal policy reforms to unlock Nigeria’s economic potential .Vanguard News
For a detailed breakdown of the 2025 budget, you can access the full document here: The Budgit Foundation.
Recent Developments in Nigeria’s 2025 Budget
Nigeria cuts electricity subsidies by 35% after tariff hike
5 days agoReutersNigeria’s president increases 2025 budget to $36.4 billion76 days agoReutersNigeria’s parliament approves $36.6 bln budget for 202568 days ago
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