Nigeria’s President Bola Tinubu Presented a $30 billion Budget for 2025 to Parliament this Week

The bill assumes a benchmark oil price of $75 per barrel and production of just over 2 million barrels per day — an output level some analysts say would be hard to achieve. Nigerian budgets are anchored on oil sales which make up around 90% of foreign exchange earnings. The budget also assumes inflation will fall from over 34% currently to 15% next year. It is an “optimistic forecast,” says Ibukun Omoyeni, an economist at Lagos-based Vetiva Capital. He believes inflation “may be much higher” than the government’s estimate and that a supplementary budget would need to be issued at some point.

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