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 a barrel and production of just over 2 million barrels per day – a production level that some analysts say will be difficult to achieve. Nigeria’s budget is based on oil sales, which account for about 90% of foreign exchange earnings. The budget also assumes inflation will fall to 15% next year from more than 34% currently. Ibukun Omoyeni, an economist at Vetiva Capital in Lagos, said this was an “optimistic forecast.” He believes inflation is “likely to be much higher” than the government estimates and that a supplementary budget will need to be released at some point.
