Nigeria News Nalin The report said that President Bola Ahmed Tinubu has officially enacted the 54.99 trillion appropriations bill in 2025.
The Nigerian news platform learned that the National Assembly approved the bill on February 13, 2025, after the initial $49.7 trillion proposed by President Tinob had increased.
The signing was held at a short ceremony Friday in the President’s Office.
The 2025 appropriations law states that this figure is up 99.96% compared to the 2024 budget, which is set at 27.5 trillion.
This increase indicates an increase in revenues for federal inland tax services and Nigerian customs services agencies.
The budget is designed to address key sectors, including security, infrastructure, education and health, and provides $200 million to offset the impact of recent reductions in U.S. health assistance.
this 2025 Budget Based on the ambitious economic forecast, the benchmark price is $75 per barrel based on 2.06 million barrels per day.
Additionally, the federal government expects the exchange rate to reach $1,500, aiming to reduce inflation from 34.8% in the year to 15%.
A key element of fiscal strategy includes tax reform, which President Tinubu asserted was intended to enhance income generation and promote economic stability.
The proposed tax reform requires raising the VAT tax to 2026, while exempting basic items such as food and medicine to reduce the financial burden on families.
In addition, the reforms proposed the reallocation of VAT revenue to beneficial countries, a proposal that sparked discussions on regional economic inequality.
The 2025 appropriations law reflects a 99.96% increase in the 2024 budget of 27.5 trillion yuan.
