By Joke Kujenya
PRESIDENT BOLA Tinubu has signed Nigeria’s 2025 federal budget into law, setting the country’s expenditure at a record-breaking N54.99 trillion.
The signing, which took place at the Presidential Villa in Abuja on Friday, follows the budget’s approval by the National Assembly, marking a nearly 100% increase from the N27.5 trillion allocated in 2024.
The budget, revised from Tinubu’s initial N49.7 trillion proposal, allocates N3.65 trillion for statutory transfers, N13.64 trillion for recurrent (non-debt) expenditure, and N23.96 trillion for capital projects.
Debt servicing will cost N14.32 trillion, with a projected deficit-to-GDP ratio of 1.52%.
President Tinubu had earlier requested additional funding from revenue-generating agencies, citing increased revenue inflows from Government-Owned Enterprises (GOEs), the Federal Inland Revenue Service (FIRS), and the Nigerian Customs Service (NCS).
This adjustment raised the final budget from N49.7 trillion to N54.99 trillion.
The National Assembly also approved the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), setting economic parameters for the budget.
Lawmakers set oil benchmark prices at $75, $76.2, and $75.3 per barrel for the next three years, alongside daily crude oil production estimates of 2.06 million barrels in 2025, 2.10 million in 2026, and 2.35 million in 2027.
Projected GDP growth rates stand at 4.6% in 2025, 4.4% in 2026, and 5.5% in 2027 as the exchange rate is pegged at N1,400 per dollar, subject to revision based on economic conditions and monetary policies.
Also, the record-breaking budget is expected to drive infrastructure development, security, and economic expansion in the coming fiscal year.
. . . More details to follow
