The Nigerian government’s budgetary spending has dramatically increased over the past 27 years (1999–2025), with President Bola Tinubu’s ₦49.74 trillion 2025 budget pushing the total expenditure to ₦232.55 trillion.

According to an analysis by Saturday Vanguard, this amount is roughly equivalent to $667.89 billion based on official exchange rates.

However, using parallel exchange rates, the total would fall below $500 billion.

The total spending is a culmination of annual budgets and supplementary appropriations since 1999, when Nigeria returned to civilian rule.

While the figures appear impressive, Nigeria’s development indicators, including education, housing, and maternal health, tell a different story, raising critical questions about the real impact of this immense fiscal outlay on the lives of ordinary Nigerians.

Breakdown of Expenditures by Administration

1. Olusegun Obasanjo (1999–2007)

During his two terms, Obasanjo allocated ₦12,332,000,000,000 ($121,350,000,000), representing 5.30% of the 27-year total. This figure includes the budget inherited from General Abdulsalami Abubakar.

2. Umaru Musa Yar’Adua (2007–2010)

Yar’Adua, during his 1,071 days in office, spent ₦10,949,000,000,000 ($79,130,000,000), or 4.71% of the cumulative budget.

3. Goodluck Jonathan (2010–2015)

Jonathan, who succeeded Yar’Adua, oversaw ₦25,296,000,000,000 ($156,569,000,000), making up 10.88% of the total.

4. Muhammadu Buhari (2015–2023)

Buhari allocated ₦97,018,000,000,000 ($228,641,000,000), the largest share of 41.72%. His figure includes a supplementary ₦574,533,000,000 in 2015.

5. Bola Tinubu (2023–2025)

Tinubu, in just 17 months, has already spent ₦37,332,000,000,000. With the proposed ₦49,740,000,000,000 for 2025, his administration’s total expenditure would reach ₦86,972,000,000,000 ($81,977,000,000), or 37.40%.

Political Party Spending

– People’s Democratic Party (PDP):

₦48,556,400,000,000 ($257,069,000,000) over 16 years.

– All Progressives Congress (APC):

₦183,990,000,000,000 ($310,818,000,000) over 11 years.

Developmental Outcomes

Despite the huge budgets, Nigeria, the world’s largest black nation, has witnessed little or no development.

For instance, there were 7.019 million out-of-school children in 1999. In 26 years, the figure has jumped to 18.3 million according to the United Nations Educational, Scientific and Cultural Organization (UNESCO).

These children aged six to 14 are not enrolled in primary and secondary school.

More women die today in Nigeria during child delivery than 26 years ago. According to the United Nations International Children’s Emergency Fund (UNICEF), Nigeria’s Maternal Mortality Ratio (MMR) was 289 per 100,000 live births in 1999.

In 2024, it was 576 deaths per 100,000 live births, making Nigeria have the fourth highest maternal mortality ratio in the world.

Nigeria also housed its citizens better in 1999, when with a population of 119 million, the housing deficit was 10.271 million.

As of 2023, national statistics showed that the housing deficit had skyrocketed to 28 million and could be more now with experts predicting a need for 700,000 new homes annually.

Tellingly, more Nigerians are multi-dimensionally poor today than in 1999. The number of Nigerians living on less than $1 a day was 83.3 million in 1999 but 28 million as of 2023.

Although life expectancy improved from 46.61 years in 1999 to 62.2 years in 2024, and infant mortality rate dropped from 75 per 1,000 live births in 1999 to 53.674 per 1,000 live births in 2024, Nigeria’s human development index would have been better if the humongous budgets had been efficiently expended.

1. Education

Out-of-school children rose from 7,019,000 in 1999 to 18,300,000 in 2024 (UNESCO).

2. Maternal Mortality

Maternal deaths increased from 289 per 100,000 live births in 1999 to 576 per 100,000 in 2024 (UNICEF).

3. Housing

The housing deficit soared from 10,271,000 in 1999 to 28,000,000 in 2023, with an annual requirement of 700,000 new homes.

4. Poverty

Nigerians living in multidimensional poverty rose from 83,300,000 in 1999 to 133,000,000 in 2023.

5. Life Expectancy

Improved marginally from 46.61 years in 1999 to 62.2 years in 2024.

6. Infant Mortality

Dropped from 75 deaths per 1,000 live births in 1999 to 53.674 in 2024.

Nigeria’s budgets in ₦/$ since 1999

1999 – ₦407 billion ($18.59 billion)
2000 – ₦702 billion ($8.16 billion)
2001 – ₦1.318 trillion ($13.31 billion)
2002 – ₦1.0648 trillion ($9.77 billion)
2003 – ₦1.45 trillion ($12.72 billion)
2004 – ₦1.3 trillion ($10.24 billion)
2005 – ₦1.8 trillion ($14.01 billion)
2006 – ₦1.88 trillion ($14.63 billion)
2007 – ₦2.39 trillion ($19.92 billion)
2008 – ₦2.74 trillion ($23.03 billion)
2009 – ₦3.049 trillion ($21.03 billion)
2010 – ₦5.16 trillion ($34.4 billion)
2011 – ₦4.972 trillion ($33.15 billion)
2012 – ₦5.0386 trillion ($32.93 billion)
2013 – ₦4.987 trillion ($31.17 billion)
2014 – ₦5.23 trillion ($32.67 billion)
2015 – ₦5.6425 trillion ($29.67 billion)
2016 – ₦6.061 trillion ($30.74 billion)
2017 – ₦7.441 trillion ($24.40 billion)
2018 – ₦9.12 trillion ($29.90 billion)
2019 – ₦8.92 trillion ($29.25 billion)
2020 – ₦10.59 trillion ($29.42 billion)
2021 – ₦14.573 trillion ($38.45 billion)
2022 – ₦17.908 trillion ($43.66 billion)
2023 – ₦24.007 trillion ($55.10 billion)
2024 – ₦35.055 trillion ($43.82 billion)
2025 – ₦49.74 trillion ($33.16 billion)
Total – ₦232.546 trillion ($667.887 billion)