FG proposes N47.9 trillion budget for 2025
By Kunle Sanni
The Federal Government has unveiled a proposed budget of N47.9 trillion for the 2025 fiscal year.
Speaking with journalists after the Federal Executive Council (FEC) meeting led by President Bola Tinubu on Thursday, Minister of Budget and Economic Planning, Atiku Bagudu, outlined the key components of the proposed budget.
Bagudu announced that the FEC has approved the 2025-2027 Medium-Term Expenditure Framework (MTEF), which sets economic benchmarks and fiscal projections for the next three years.
According to the MTEF, Nigeria’s crude oil benchmark is set at $75 per barrel, with an estimated oil production target of 2.06 million barrels per day (bpd).
The framework also proposes an exchange rate of N1,400 per dollar and aims for a 6.4 percent growth rate in the country’s Gross Domestic Product (GDP).
These projections are part of the government’s broader commitment to economic stabilization and growth amid ongoing fiscal reforms.
The MTEF now moves to the National Assembly for review and approval, where it will serve as the foundation for the 2025 national budget as the government continues to shape fiscal policies that promote development and economic resilience.
