Budget: FG proposes N47.9trn for 2025

The Federal Executive Council (FEC) has approved a proposed budget of N47.9 trillion for 2025, marking a key step in the country’s fiscal planning.

The approval was announced on Thursday by the Minister of Budget and Economic Planning, Atiku Bagudu, following the FEC meeting chaired by President Bola Tinubu at the State House in Abuja.

The 2025 budget is part of the broader Medium-Term Expenditure Framework (MTEF) for 2025-2027, in line with the provisions of the Fiscal Responsibility Act of 2007.

Bagudu shared key details, noting that the FEC set the crude oil price at $75 per barrel, with an exchange rate of N1,400 to $1 and an oil production target of 2.06 million barrels per day.

The Minister also highlighted that the projected economic growth rate for 2024 stands at 3.19%, with the government committed to tackling inflation, reinforcing economic resilience, and providing sustained support for the national economy. The FEC also approved the MTEF and the Fiscal Strategy Papers (FSP) for the period 2025-2027, which lay the groundwork for the country’s financial planning over the next few years.

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Bagudu emphasized that the government is determined to ensure the 2025 budget is passed and signed into law before the end of December 2024.

He further noted that Nigeria’s economy is showing signs of positive growth and stability, with encouraging progress in key economic indicators.

In addition, the Council reviewed the implementation of the 2024 budget, noting promising progress in revenue collection and expenditure management, despite some delays in meeting pro-rated targets. Bagudu assured that overall fiscal efforts are on track, with non-oil revenue streams performing better than expected.

Finally, the Minister reaffirmed the Federal Government’s commitment to achieving a January-December budget cycle, ensuring timely and effective budget implementation moving forward.