President Bola Tinubu has officially signed the N54.99 trillion 2025 Appropriation Bill into law. The signing took place on Friday during a brief ceremony at the State House, Abuja, in the presence of key National Assembly officials and senior government representatives.
The bill, passed by both chambers of the National Assembly on February 13, was initially proposed at N49.7 trillion, but President Tinubu requested an increase. The National Assembly approved a N54.99 trillion budget for the fiscal year, surpassing Tinubu’s original proposal of N54.2 trillion. The increase reflects higher expected revenues from agencies such as the Federal Inland Revenue Service and the Nigeria Customs Service.
The 2025 budget focuses on key sectors including security, infrastructure, education, and healthcare, with particular attention given to mitigating the impact of recent cuts in U.S. health aid, with an allocation of $200 million for this purpose.
This budget is based on ambitious economic assumptions, including a crude oil production target of 2.06 million barrels per day at a benchmark price of $75 per barrel. Additionally, the Federal Government has projected an exchange rate of ₦1,500 to the U.S. dollar and aims to reduce inflation from the current rate of 34.8% to 15% by the end of the year.
A significant part of the fiscal strategy includes proposed tax reforms aimed at boosting revenue and ensuring economic stability. The reforms involve raising the value-added tax (VAT) to 12.5% by 2026, though essential goods such as food and medicine will be exempted to ease the burden on households. The VAT reforms also include redistributing VAT revenue in favor of states that generate more, which has sparked discussions about potential regional economic inequalities.
The 2025 Appropriation Act marks a significant 99.96% increase from the 2024 budget, which was set at N27.5 trillion.
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