The Nigerian federal government has announced its proposed budget for 2025, setting a record N47.9 trillion as the total planned expenditure. The proposal, which was discussed in detail during a Federal Executive Council (FEC) meeting chaired by President Bola Tinubu, aims to guide the country’s financial and economic policies over the next fiscal year.
Atiku Bagudu, the Minister of Budget and Economic Planning, shared this significant development with the media on Thursday. According to Bagudu, the budget proposal is a core element of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for 2025–2027.
This framework is essential for setting out government spending and economic strategy for the next three years, in alignment with the Fiscal Responsibility Act of 2007, which requires such plans to be submitted to the National Assembly.
The budget framework is expected to be presented to the National Assembly on either Friday or Monday. Key economic projections within the plan include a Gross Domestic Product (GDP) growth target of 4.6%, an estimated oil production rate of 2.06 million barrels per day, and a forecast exchange rate of $1 to 75 Naira.
