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.
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“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.
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