Over the last 27 years, Nigeria has budgeted a staggering N232.55 trillion ($667.89 billion), yet the nation struggles with significant development challenges. If President Bola Tinubu’s proposed N49.74 trillion 2025 budget is approved, this figure will represent the cumulative expenditures from 1999 to 2025, covering the administrations of Presidents Obasanjo, Yar’Adua, Jonathan, Buhari, and Tinubu.
Budgetary Highlights by Administration
- Olusegun Obasanjo (1999–2007): Appropriated N12.33 trillion ($121.35 billion), representing 5.30% of the 27-year total.
- Umaru Musa Yar’Adua (2007–2010): Spent N10.95 trillion ($79.13 billion), the lowest allocation (4.71%).
- Goodluck Jonathan (2010–2015): Allocated N25.30 trillion ($156.57 billion), or 10.88% of the total.
- Muhammadu Buhari (2015–2023): Spent the largest share, N97.02 trillion ($228.64 billion), or 41.72%.
- Bola Tinubu (2023–2025): Estimated expenditure of N86.97 trillion ($81.98 billion), accounting for 37.40%.
Party-Based Spending
- PDP Administrations (1999–2015): Spent N48.56 trillion ($257.07 billion) over 16 years.
- APC Administrations (2015–2025): Budgeted N183.99 trillion ($310.82 billion) in 11 years.
Persistent Development Gaps
Despite these enormous expenditures, key developmental indicators reveal limited progress:
- Education: Out-of-school children increased from 7.02 million in 1999 to 18.3 million in 2024 (UNESCO).
- Maternal Mortality: Rose from 289 deaths per 100,000 live births in 1999 to 576 in 2024 (UNICEF).
- Housing Deficit: Ballooned from 10.27 million in 1999 to 28 million in 2023.
- Poverty: While multidimensional poverty affects more people today, life expectancy increased from 46.61 years in 1999 to 62.2 years in 2024, and infant mortality decreased from 75 per 1,000 live births to 53.67 in the same period.
Budgets in Perspective
- Annual allocations have grown exponentially, from N407 billion ($18.59 billion) in 1999 to N49.74 trillion ($33.16 billion) in 2025.
- Exchange rates have also drastically fluctuated, from ₦21.89 to $1 in 1999 to an estimated ₦1,500 to $1 by 2025, highlighting Nigeria’s economic instability.
Conclusion
The cumulative budgets underscore Nigeria’s financial capacity, yet inefficiencies, corruption, and mismanagement have hindered the transformation of these funds into tangible national development. Addressing these systemic challenges remains critical for the nation’s progress.
