Nigeria's Budgets: Tracking ₦232.55 Trillion Spending Over 27 Years

Discover how Nigeria’s budgets since 1999, totaling ₦232.55 trillion, have been spent under five administrations. Explore the impacts, key figures, and developmental challenges.

₦232.55 Trillion Budgeted in 27 Years: How Five Nigerian Presidents Spent It

Since 1999, Nigeria’s combined budgets under five administrations have amounted to ₦232.55 trillion (approximately $667.89 billion at official exchange rates). If President Bola Tinubu’s proposed ₦49.74 trillion 2025 budget is approved, this figure will mark a significant milestone in the nation’s fiscal history.

Budget Allocation by Presidents (1999–2025)

Olusegun Obasanjo (1999–2007):
- Total: ₦12.33 trillion ($121.35 billion)
- Percentage: 5.3%
Umaru Musa Yar’Adua (2007–2010):
- Total: ₦10.95 trillion ($79.13 billion)
- Percentage: 4.71%
Goodluck Jonathan (2010–2015):
- Total: ₦25.30 trillion ($156.57 billion)
- Percentage: 10.88%
Muhammadu Buhari (2015–2023):
- Total: ₦97.02 trillion ($228.64 billion)
- Percentage: 41.72%
Bola Tinubu (2023–2025):
- Projected Total: ₦86.97 trillion ($81.98 billion)
- Percentage: 37.4%

Analysis of Budget Trends

The data reveals that Muhammadu Buhari presided over the largest expenditure, accounting for 41.72% of the total 27-year budget. Tinubu’s administration, although in its early stages, is poised to follow closely, with an estimated 37.4% of the total spending.

The People’s Democratic Party (PDP) administrations of Obasanjo, Yar’Adua, and Jonathan collectively spent ₦48.56 trillion ($257.07 billion) over 16 years, while the All Progressives Congress (APC) administrations of Buhari and Tinubu have appropriated ₦183.99 trillion ($310.82 billion) in just 11 years.

Budgetary Impact: Development vs. Challenges

Despite the colossal sums budgeted, Nigeria has experienced limited developmental progress:

Education: Out-of-school children increased from 7.02 million in 1999 to 18.3 million in 2024 (UNESCO).
Maternal Mortality: Death rates rose from 289 to 576 per 100,000 live births (UNICEF).
Housing: The deficit grew from 10.27 million in 1999 to 28 million in 2023.
Poverty: Multidimensional poverty remains prevalent, with millions still living on less than $1 a day.

Exchange Rate Evolution (1999–2025)

The naira’s devaluation over the years significantly affected budgetary value:

1999: ₦21.89/USD
2015: ₦190.16/USD
2023: ₦1,500/USD (parallel market).

What Lies Ahead?

As Nigeria approaches the approval of Tinubu’s 2025 budget, questions about fiscal discipline, transparency, and developmental efficiency persist. Will this era finally usher in tangible improvements in infrastructure, education, and healthcare? Or will the spending remain a reflection of fiscal inefficiency?