The Nigerian government has proposed a ₦47.9 trillion budget for the 2025 fiscal year, which has received approval from the Federal Executive Council, FEC.
The Minister of Budget and Economic Planning, Senator Atiku Bagudu, disclosed this while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.
Bagudu explained that the proposed budget forms part of the “Medium Term Expenditure Framework, MTEF, for 2025-2027” in line with the Fiscal Responsibility Act of 2007.
The framework outlines economic and fiscal projections, including a crude oil benchmark price of $75 per barrel, an exchange rate of ₦1,400 to the US dollar, and an oil production target of 2.06 million barrels per day.
The Minister further stated that Nigeria’s economy recorded a 3.19 per cent growth rate in the second quarter of 2024, a development that reinforces the government’s commitment to addressing inflation, strengthening economic resilience, and supporting economic growth.
Bagudu added, “It also included a review of the 2024 budget implementation, where it acknowledged that a review of the implementation of development 2024 budget reviews promising progress in revenue collection and expenditure management, despite lags in pro-rated targets. The overall trajectory shows that fiscal efforts are on track, with key non-oil streams performing better than anticipated.”
He highlighted that the MTEF 2025-2027 includes an estimated 2025 GDP growth rate of 4.6 per cent and a borrowing projection of ₦13.8 trillion, representing 3.87 per cent of the gross domestic product, GDP.
The Minister also noted the inclusion of provisions for newly established development commissions, as recently passed by the National Assembly.
Bagudu concluded that FEC’s approval of the 2025-2027 MTEF and Fiscal Strategy Papers, FSP, indicates a positive direction for Nigeria’s economy, with promising developments in revenue collection and fiscal stability.
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