If President Bola Tinubu’s 2025 budget proposal of N49.74 trillion receives approval from the National Assembly, Nigeria will have spent a staggering N232.546 trillion over a span of 27 years. This colossal sum has been allocated across various budgets and supplementary appropriations since the nation’s return to civilian rule in 1999, according to a review by Saturday Vanguard.
At an official exchange rate, this N232.546 trillion translates to approximately $667.887 billion. However, if alternative or parallel market exchange rates were applied, the total would fall to less than $500 billion. Regardless of the exchange rate applied, the sheer volume of these budgetary expenditures presents a significant part of the fiscal history of Africa’s largest economy.
Buhari Leads in Budget Allocation
Among the five Nigerian presidents whose tenures are included in this analysis, Muhammadu Buhari—who served two terms from 2015 to 2023—allocated the largest share of the nation’s budgets. During his eight years in office, Buhari appropriated N97.018 trillion ($228.641 billion), which accounts for 41.72% of the total N232.546 trillion spent over the 27-year period.
A Comparative Breakdown of Presidential Spending
Umaru Musa Yar’Adua, who served as president for just over three years from 2007 to 2010, presided over the expenditure of N10.949 trillion ($79.13 billion), representing just 4.71% of the total budget allocation. Yar’Adua passed away in 2010, 24 days shy of his third anniversary as president.
Former President Olusegun Obasanjo, who led Nigeria from 1999 to 2007, spent N12.332 trillion ($121.35 billion), or 5.30% of the total national budget over the period. This amount includes the budget he inherited from the outgoing military government of General Abdulsalami Abubakar.
Goodluck Jonathan, who served as both vice president under Yar’Adua and later as president from 2010 to 2015, oversaw the expenditure of N25.296 trillion ($156.569 billion), or 10.88% of the total sum. The largest current allocation of N86.972 trillion ($81.977 billion) is projected under President Tinubu, who has been in office for 17 months and is expected to govern the second half of the 2025 fiscal year.
PDP vs APC Spending: A Party Line Divide
A closer look at the political party divides reveals that the governments of the People’s Democratic Party (PDP), under Obasanjo, Yar’Adua, and Jonathan, collectively spent N48.556 trillion ($257.069 billion) across 16 years. Meanwhile, the governments of the All Progressives Congress (APC), led by Buhari and Tinubu, will have spent N183.99 trillion ($310.818 billion) after 11 years in office. This difference highlights the growing trend of massive fiscal appropriations under the APC leadership.
Impacts of Huge Budgets: Limited Development
Despite the vast sums budgeted over the years, Nigeria has seen relatively little development. In 1999, there were approximately 7.02 million out-of-school children in Nigeria. However, as of 2024, the number has escalated to 18.3 million, according to the United Nations Educational, Scientific and Cultural Organization (UNESCO). This disturbing trend indicates that the allocation of such large budgets has not effectively addressed the nation’s educational challenges.
Furthermore, maternal mortality rates have worsened. In 1999, the maternal mortality ratio (MMR) stood at 289 deaths per 100,000 live births. By 2024, that figure has soared to 576, making Nigeria one of the nations with the highest maternal mortality rates in the world. The country’s healthcare system has similarly struggled to cope with its population’s needs.
Housing remains another critical issue. In 1999, Nigeria’s housing deficit stood at 10.3 million homes with a population of 119 million people. By 2023, the housing deficit had risen to 28 million, with experts estimating the need for 700,000 new homes annually to address this gap.
On a broader level, the poverty situation has worsened. The number of Nigerians living below the poverty line of $1 a day stood at 83.3 million in 1999, but by 2023, this number had been reduced to 28 million. These figures underscore the inability of successive governments to translate vast budgetary allocations into tangible development and improved living standards.
Despite marginal improvements in life expectancy—rising from 46.6 years in 1999 to 62.2 years in 2024—and a reduction in infant mortality rates—from 75 per 1,000 live births in 1999 to 53.7 per 1,000 live births in 2024—Nigeria’s human development indicators would have been much stronger had the country’s massive budget allocations been more effectively utilized.
Budgetary Allocations Over the Years
Nigeria’s budget history, spanning the years 1999 to 2025, has been marked by significant fluctuations in both the allocation and the exchange rate. In 1999, the budget stood at N407 billion ($18.59 billion) and increased steadily throughout the years, reaching a projected N49.74 trillion ($33.16 billion) in 2025.
Below is a breakdown of Nigeria’s budgetary expenditures in Naira and U.S. dollars since 1999:
1999: N407 billion ($18.59 billion)
2000: N702 billion ($8.16 billion)
2001: N1.318 trillion ($13.31 billion)
2002: N1.065 trillion ($9.77 billion)
2003: N1.45 trillion ($12.72 billion)
2004: N1.3 trillion ($10.24 billion)
2005: N1.8 trillion ($14.01 billion)
2006: N1.88 trillion ($14.63 billion)
2007: N2.39 trillion ($19.92 billion)
2008: N2.74 trillion ($23.03 billion)
2009: N3.049 trillion ($21.03 billion)
2010: N5.16 trillion ($34.4 billion)
2011: N4.972 trillion ($33.15 billion)
2012: N5.039 trillion ($32.93 billion)
2013: N4.987 trillion ($31.17 billion)
2014: N5.23 trillion ($32.67 billion)
2015: N5.642 trillion ($29.67 billion)
2016: N6.061 trillion ($30.74 billion)
2017: N7.441 trillion ($24.40 billion)
2018: N9.12 trillion ($29.90 billion)
2019: N8.92 trillion ($29.25 billion)
2020: N10.59 trillion ($29.42 billion)
2021: N14.573 trillion ($38.45 billion)
2022: N17.908 trillion ($43.66 billion)
2023: N24.007 trillion ($55.10 billion)
2024: N35.055 trillion ($43.82 billion)
2025: N49.74 trillion ($33.16 billion)
The Naira-Dollar Exchange: A Reflection of Fiscal Trends
Over the years, the Naira’s exchange rate to the U.S. dollar has seen significant depreciation, further complicating the real value of these allocations. In 1999, the exchange rate stood at 21.89 Naira to the dollar. By 2024, it had escalated to 800 Naira to the dollar, illustrating the erosion of purchasing power over time.
In conclusion, while successive governments have overseen the appropriation of immense sums, the challenges of underdevelopment persist across sectors like education, healthcare, housing, and poverty reduction.
The Nigerian people continue to question the efficiency of government expenditure, particularly as the country faces mounting developmental challenges despite the billions allocated over the years.
