FG proposes N47.9trn as 2025 budget

The federal government has proposed N47.9 trillion as the total expenditure in the 2025 budget.

Atiku Bagudu, the minister of budget and economic planning, told journalists on Thursday, after the federal executive council (FEC) meeting presided over by President Bola Tinubu.

Bagudu said the council approved the medium-term expenditure framework (MTEF) for 2025-2027.

He said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day (bpd)

The budget minister said the exchange rate was pegged at N1,400 per dollar, noting that the government is targeting a gross domestic product (GDP) growth rate of 4.6 percent.

He said with the growth rate of 3.19 percent recorded in the second quarter of 2024, the federal government will continue to tackle inflation, strengthen economic resilience, and provide more support for the economy.

“The federal government budget estimate, the aggregate expenditure, is estimated at 47 trillion, and this includes a borrowing of 13. 8 trillion, which is 3.87% of estimated and it includes projections,” Bagudu said.

Speaking on the approval of the 2025-2027 MTEF and fiscal strategy papers (FSP), Bagudu said the executive would put efforts in place to ensure the 2025 budget is passed and signed before December 2024.

He said Nigeria’s economy has significantly turned in the right direction, achieving a gross positive growth rate on economic stability.

According to the minister, said the council also reviewed the 2024 budget, highlighting significant advancements in revenue collection and expenditure management.

He said despite some delays in meeting pro-rated targets, officials noted that key non-oil revenue streams are performing better than expected, adding that the overall fiscal trajectory remains positive, “indicating that the government’s financial efforts are on track”.

He said the federal government is working to ensure a January-December budget circle.

The minister also hinted that the proposed budget will be forwarded to the national  assembly by Friday or latest on Monday 18th November, 2024.