The Federal Government is considering adjustments to its N54.99 trillion 2025 national budget as a proactive response to the potential economic shocks stemming from a recent global tariff hike announced by the United States.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this on Monday at the Corporate Governance Forum organised by the Ministry of Finance Incorporated (MOFI) held at the Transcorp Hilton, Abuja.
Edun explained that the adverse impact of the U.S. tariff regime on Nigeria could manifest through a drop in global oil prices. He said government efforts were underway to ramp up crude oil production to mitigate potential revenue losses.
“We are also focusing on non-oil revenue mobilisation by the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service,” he said. “Budget adjustment and prioritisation where possible, alongside innovative non-debt financing strategies, are also on the table.”
The development followed last week’s announcement by U.S. President Donald Trump of a blanket global tariff on all imports, including those from Nigeria. Despite this, Edun reassured that the effect on Nigerian exports would be minimal if the country maintains its current volume of oil and mineral exports.
“Nigeria has recorded a trade surplus with the U.S. in the past three years, with annual exports ranging from $5 billion to $6 billion,” he stated.
Edun emphasized Nigeria’s resilience in the face of global trade disruptions, attributing it to early reforms and a shift towards a private sector-led economic strategy.
He also reiterated the Tinubu administration’s commitment to attracting investment by demonstrating improved corporate governance in state-owned enterprises.
“Nigeria’s economic model is evolving,” he added. “With the private sector contributing 90 percent to the Gross Domestic Product (GDP), the government is focusing on equity-based financing and strategic asset optimisation.”
Edun concluded by highlighting the administration’s success in stabilising key macroeconomic indicators, laying a foundation for sustainable growth.
Leadership
