The Federal Executive Council (FEC) has approved Nigeria’s 2025 budget, set at ₦47.9 trillion, aiming to drive economic growth and infrastructure development.
The Federal Executive Council has sanctioned a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.
Atiku Bagudu, the Minister of Budget and Economic Planning, revealed this information on Thursday while addressing State House correspondents following the FEC meeting led by President Bola Tinubu.
This was included in the Medium-Term Expenditures Framework (MTEF) for 2025 to 2027, aligning with the Fiscal Responsibility Act of 2007.
Bagudu stated, “Similarly, the fiscal goals were set conservatively because we want to carefully monitor progress even though we anticipate surpassing projections. The budget approved for presentation to the National Assembly in the MTEF is ₦47.9 trillion, with new borrowings amounting to ₦9.2 trillion planned to cover the budget deficit in 2025.”
READ ALSO: Jega Reveals How Nigerian Lawmakers Coerced Officials to Alter Budgets
We should maintain the commendable deregulation of petroleum prices and exchange rates in the market. Additionally, it is essential to urge the Nigerian National Petroleum Corporation Limited to significantly reduce its oil and gas production costs. We might also need to consider amending certain sections of the Petroleum Industry Act 2021 to address substantial risks faced by the Federation.
The Federal Executive Council has approved the Medium Term Expenditure Framework and the physical strategy paper, which will be submitted to the National Assembly. This complements bills already present at the National Assembly, including economic stabilization and tax reform bills, that we believe will significantly boost growth in 2025.
In the meeting, the FEC granted approval for its submission to the National Assembly in accordance with the requirements set by the 2007 Fiscal Responsibility Act.
The framework anticipated a GDP growth rate of 4.6%, an exchange rate of $75 per naira, and oil production amounting to 2.06 million barrels daily.
