ICIR
We are re-evaluating our assumptions to ensure the budget reflects current global realities
The Federal Government is set to revise its proposed N47.9 trillion 2025 budget following declining oil prices and new U.S. tariffs introduced by former President Donald Trump. The budget, which was anchored on a $73 per barrel oil benchmark and an exchange rate of N1,400/$1, faces uncertainty as global crude prices fall below projections.
Minister of Budget and Economic Planning, Atiku Bagudu, confirmed the review during a recent policy meeting. “We are re-evaluating our assumptions to ensure the budget reflects current global realities,” he said. He added that the government remains focused on “ensuring macroeconomic stability and sustaining developmental programs.”
The Central Bank of Nigeria has also responded by injecting foreign exchange to curb naira volatility. Analysts warn that unless prices recover, revenue shortfalls may force more borrowing.