The Nigerian government has hinted at a possible review of its N54.99 trillion 2025 budget as a response to President of the United States of America, Donald Trump's tariff, which has resulted in turmoil in global trade.
The Nigerian Minister of Finance, Wale Edun, disclosed this at a press conference at the inaugural Corporate Governance Forum in Abuja, organised by the Ministry of Finance Incorporated.
According to him, Nigeria’s economic management team— comprising key stakeholders from both public and private sectors— will closely analyse the evolving situation and recommend optimal strategies to mitigate risks and adapt to the global tariff.
“Budget adjustment and prioritisation where possible, and also innovative non-debt financing strategies.
“It is our responsibility to look at the various scenarios and options and advise the government accordingly,” he said.
His comments come as Trump slammed a 14 percent tariff on Nigerian exports in reciprocation for a 27 percent tariff on US goods.
However, Trump's announcement exempted mineral-related exports from Nigeria, which assumed a large portion of the N5.5 trillion exports in 2024.
Earlier, Edun waved off the impact of Trump's tariff, describing it as negligible if Nigeria sustains 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.
Recall that in April 2025. Trump announced sweeping reciprocal tariffs, including a 10 percent global tariff on all imports into the US.
Trump's tariff had sparked global trade downturns as stocks and oil prices experienced plunges.
