- Nigeria’s Finance Minister, Wale Edun, announced plans to review the 2025 N54.99 trillion budget due to new tariffs imposed by the US on Nigerian exports
- Edun discussed potential budget adjustments and prioritisation, alongside non-debt financing strategies, to adapt to the evolving global trade situation
- Despite the tariff, Nigeria’s mineral exports were exempted, and Edun downplayed the immediate impact, stating the effect would be minimal if oil and mineral exports remained steady
The Nigerian government has indicated that it may review its 2025 budget of N54.99 trillion in response to recent tariff actions by the President of the United States, Donald Trump, which have caused turmoil in global trade.
Wale Edun, Nigeria's Minister of Finance, made the announcement during a press conference at the inaugural Corporate Governance Forum in Abuja, organised by the Ministry of Finance Incorporated.
According to Edun, the country’s economic management team, which includes key stakeholders from both the public and private sectors, will assess the evolving situation and propose strategies to mitigate the risks and adapt to the new global trade environment caused by Trump’s tariff policies.
"We are considering budget adjustments and prioritisation where possible, along with exploring innovative non-debt financing strategies, It is our responsibility to look at the various scenarios and options and advise the government accordingly," Edun stated.
This development comes after President Trump imposed a 14 percent tariff on Nigerian exports in retaliation for a 27 percent tariff on US goods.
Despite this, the US President's announcement exempted mineral-related exports from Nigeria, which constitute a significant portion of the country’s N5.5 trillion export revenue in 2024.
Earlier, Edun downplayed the immediate impact of Trump’s tariff, suggesting that it would be minimal as long as Nigeria maintains its oil and mineral export volumes.
"Consequently, the tariff effect on exports is negligible if we sustain our oil and minerals export volume," he said.
The tariff dispute follows a broader set of trade policy changes announced by Trump in April 2025, including a 10 percent global tariff on all imports into the US. These sweeping tariffs have contributed to a downturn in global trade, with stock markets and oil prices both experiencing significant declines.
2025 budget to be passed before January 30, scales second reading at National Assembly
Meanwhile, TheRadar earlier reported that the Deputy Speaker of the House of Representatives, Benjamin Kalu, assured that the National Assembly would pass the 2025 Appropriation Bill before January 30.
This was as the budget scaled the second reading at the legislative chamber during plenary on Thursday, December 19, after the legislators extensively debated it.
