FG approves N47.9trn 2025 proposed budget
A proposed 2025 budget of N47.9 trillion has been approved by the Federal Executive Council (FEC)
According to Daily Trust, the proposed budget was disclosed by the Minister of Budget and Economic Planning, Atiku Bagudu, while briefing State House Correspondents at the end of the FEC meeting presided over by President Bola Tinubu.
According to the minister, the approval was part of “Medium Term Expenditure Framework (MTEF) for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007.
Bagudu also stated that FEC had pegged the price of crude oil at a $75 exchange rate of 1400 Naira to 1$ dollar and oil production of 2.06million barrels per day, adding that with the growth rate of 3.19%, which comes in the second quarter of 2024, the Federal government will continue to tackle inflation, strengthen economic resilience and provide more support for the economy.
He said, “It also included a review of the 2024 budget implementation, where it acknowledged that a review of the implementation of development 2024 budget reviews promising progress in revenue collection and expenditure management, despite lags in pro-rated targets, the overall trajectory So shows that fiscal efforts are on track these key non-oil streams performing better than anticipated.
“Equally, It included parameters for the 2025- 2027 medium-term physical framework, which include an oil price benchmark of $75 per barrel for 2025 oil production of 2.0 6 million barrels a day, as well as an exchange rate of 1400 Naira to $1 and GDP growth of 4.6% the expected that for 2025, the federal government budget estimate is the aggregate expenditure is estimated at 47 trillion, and this includes borrowing of 13. 8 trillion, which is 3.87% of estimated and it includes projections
“Especially for the first time, provisions of contribution to the development commissions that have been passed by the National Assembly who are in the process of being passed by the National Assembly.”
Bagudu, while noting that FEC had approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP), added that the Nigerian economy has turned in the right direction significantly, achieving a gross positive growth rate in economic stability.
