The Federal Government has unveiled a proposed budget of N47.9 trillion for the 2025 fiscal year. Atiku Bagudu, the Minister of Budget and Economic Planning, announced the proposal on Thursday following the Federal Executive Council (FEC) meeting, chaired by President Bola Tinubu.
This budget proposal forms part of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for 2025-2027, in line with the Fiscal Responsibility Act of 2007.
The MTEF outlines key economic projections to guide budget planning, including a projected Gross Domestic Product (GDP) growth rate of 4.6%, an exchange rate of $75 per Naira, and an oil production target of 2.06 million barrels per day.
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These targets underscore the government’s focus on economic stability and increased revenue generation through strengthened oil production.
Minister Bagudu confirmed that the framework is expected to be submitted to the National Assembly either on Friday or Monday, as legally required.
If approved, the N47.9 trillion budget would represent one of Nigeria’s most significant financial commitments in recent years, reflecting the administration’s ambitious economic goals.
More details on the allocation and spending priorities within the proposed budget are expected in the coming days.