President Tinubu Signs ₦54.99tn 2025 Budget Into Law, Expanding Spending on Security, Infrastructure, and Economic Reforms Amid Revenue Projections and Tax Overhaul
President Bola Tinubu has officially signed the ₦54.99 trillion ($36.6 billion) 2025 Appropriation Bill into law. The signing took place on Friday in a small ceremony at the State House, Abuja, attended by key government officials and National Assembly leaders.
The budget, which was passed by both chambers of the National Assembly on February 13, exceeds Tinubu’s initial ₦54.2 trillion proposal due to increased projected revenues from agencies like the Federal Inland Revenue Service and the Nigeria Customs Service.
The 2025 fiscal plan prioritizes security, infrastructure, education, and healthcare, including a $200 million allocation to cushion the impact of reduced U.S. health aid. Economic targets include a crude oil production goal of 2.06 million barrels per day at $75 per barrel, a projected exchange rate of ₦1,500 per U.S. dollar, and an inflation reduction plan from 34.8% to 15% within the year.
A major aspect of the budget is an ambitious tax reform strategy, which aims to boost revenue generation. Key measures include increasing VAT to 12.5% by 2026 while exempting essentials like food and medicine. Additionally, a proposed VAT revenue redistribution favoring high-earning states has sparked debate over regional economic disparities.
The 2025 budget marks a 99.96% increase from the ₦27.5 trillion 2024 budget.
More details to follow.
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 2025 Appropriation Bill into law. The signing took place on Friday in a small ceremony at the State House, Abuja, attended by key government officials and National Assembly leaders.){kind=link}