Federal Executive Council proposes N47.9 trillion as Nigeria’s 2025 budget
The Federal Executive Council (FEC) of Nigeria on Thursday approved N47.9 trillion for the 2025 fiscal year., as well as approval of the 2025-2027 Medium Term Expenditure Framework (MTEF).
Penpushing reports that the Minister of Budget and Economic Planning, Atiku Bagudu, made this known to journalists after the meeting of the Federal Executive Council (FEC) presided over by President Bola Tinubu.
The Minister explained that the government has set the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day (bpd) adding that the exchange rate was pegged at N1,400 per dollar, noting that the government is targeting a gross domestic product (GDP) growth rate of 6.4 per cent.
Penpushing further reports that it is recalled that the President sent the 2024 budget to the National Assembly on 29 November 2023, and it was approved within 30 days by the National Assembly, however, the budget was marred by allegations of budget padding by members of the National Assembly.
The 2025 budget proposal exceeds the N35 trillion 2024 budget, but it is unclear how the government intends to meet the parameters, particularly the oil production benchmark of 2.06 million barrels per day. According to reports, Nigeria currently produces about 1.8 million barrels per day.
Penpushing also reports that the House of Representatives informed the Executive to ensure prompt submission of the 2025 budget and Medium-Term Expenditure Framework (MTEF), and following the consideration of a motion moved by Clement Jimbo of All Progressives Congress (APC), Akwa Ibom State, the lawmakers resolved that the President should submit the proposal to allow them ample time to scrutinise the budget.
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