Tinubu Seeks N54.2 Trillion Budget for 2025, Up by N4.5 Trillion

President Bola Tinubu has called on the National Assembly to approve an increase in the proposed 2025 budget, raising it from the initial N49.7 trillion to N54.2 trillion—an upward adjustment of N4.5 trillion.

The president’s latest request was conveyed in a letter read by Senate President Godswill Akpabio during a plenary session on Wednesday. This marks a significant revision from the budget proposal Tinubu originally presented to lawmakers in December 2024.

The budget adjustment aligns with Nigeria’s 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which were approved by both chambers last year. These documents serve as the foundation for national budgeting and economic planning.

Oil benchmark prices: $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.

Daily crude oil production targets: 2.06 million, 2.10 million, and 2.35 million barrels for the three years.

GDP growth projections: 4.6% in 2025, 4.4% in 2026, and 5.5% in 2027.

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One crucial economic factor—the exchange rate—was endorsed at N1,400 per US dollar, but lawmakers noted that it remains subject to review in early 2025 based on prevailing monetary and fiscal policies.