January 21, 2026 — The Federal Ministry of Budget and Economic Planning has released the comprehensive details of the revised 2024 and 2025 budgets, following their re-enactment by the National Assembly. These adjustments are the cornerstone of President Bola Ahmed Tinubu’s strategy to propel Nigeria toward a $1 trillion economy by 2030. The re-enacted budgets account for a total expenditure increase of nearly 25% across both fiscal years to compensate for the diminished purchasing power of the Naira.
The re-enacted 2024 Budget has been upwardly reviewed to ₦43.56 trillion, while the 2025 Budget stands at ₦48.31 trillion. These figures are underpinned by a revised oil price benchmark of $77.96 per barrel and a daily production target of 1.78 million barrels per day (mbpd). Minister of Budget and Economic Planning, Atiku Bagudu, stated that these numbers are not just “ambitious” but are “mathematically necessary” to prevent the stalling of critical national projects.
A significant portion of the increase is dedicated to the “Non-Debt Recurrent Expenditure,” which includes the implementation of the new National Minimum Wage. By re-enacting the budget, the government was able to legally integrate the wage increases for civil servants and the military without pausing other essential services. Furthermore, the revenue projections have been bolstered by aggressive reforms in the Federal Inland Revenue Service (FIRS), targeting a higher tax-to-GDP ratio through technology-driven collection rather than increased tax rates.
For the first time in Nigeria’s fiscal history, the budget includes a “De-risking Framework” for private sector participation in infrastructure. This ensures that the N48.31 trillion for 2025 acts as a catalyst, unlocking trillions more in private investment for the power, rail, and maritime sectors. The National Library will preserve these records as the definitive blueprint for Nigeria’s mid-decade economic shift.
