Deficit2023· ₦21.83tn· Chapter I · Money

Appropriation Act, 2023

₦21.83 trillion. Deficit ₦11.34tn — largest in nominal naira terms.

Total ₦21.83tn, deficit ₦11.34tn (largest in nominal naira). Subsidy ended 29 May 2023 (Tinubu inaugural address). Debt service exceeded 90% of federally retained revenue at peak months.

Sources

· Appropriation Act 2023
· DMO Quarterly Debt Reports 2023

What it cost — political & economic reality

The political and economic reality

Nigeria in 2023: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.

President · Fourth Republic

Muhammadu Buhari

2015–2023· APC

National reality

Two recessions (2016, 2020). Multiple naira devaluations. ASUU strike of 2022 closed federal universities for ~9 months. End SARS protests (Oct 2020); Lekki Toll Gate incident. Out-of-school children >18 million by 2022.

Crises of the period

2016 recession + FX crisis
End SARS + Lekki Toll Gate (Oct 2020)
COVID-19 lockdown (2020)
9-month ASUU strike (2022)
Naira redesign chaos (Q1 2023)

GDP (World Bank)

$494 bn (2015) → $477 bn (2022)

Cabinet (selected portfolios)

Finance
Kemi Adeosun (2015–18); Zainab Ahmed (2018–23)
Justice (AGF)
Abubakar Malami (SAN)
Education
Mallam Adamu Adamu (2015–23)
Petroleum
Muhammadu Buhari (concurrent); Min. of State Ibe Kachikwu then Timipre Sylva

Source: Federal Gazette 2015–23; CBN; NBS

President · Fourth Republic

Sen. Bola Ahmed Tinubu

2023–present· APC

National reality

Fuel subsidy removed at inauguration (29 May 2023); naira floated June 2023. Inflation at multi-decade highs (>30% YoY in 2024). Student loan scheme (NELFUND) launched 2024. WAEC torchlight exam controversy (2025).

Crises of the period

Cost-of-living crisis 2023–25
WAEC torchlight examinations (2025)
JAMB CBT technical failures (2025)
Naira free-fall 2023–24

GDP (World Bank)

≈ $363 bn (2023, post-float)

Cabinet (selected portfolios)

Finance
Wale Edun (Coordinating Minister of the Economy)
Justice (AGF)
Lateef Fagbemi (SAN)
Education
Tahir Mamman (2023–24); Tunji Alausa (2024– )

Source: Federal Gazette 2023– ; CBN; NBS

Methodology

Tier 1 · primary

Courts. Gazettes. National archives.

Tier 2 · corroborating

OCCRP. HRW. BudgIT. TheCable.

Redline

Wikipedia is never a source.