The Federal Executive Council (FEC) of Nigeria has approved a proposed budget of N47.9 trillion for 2025. Minister of Budget and Economic Planning, Atiku Bagudu, announced the decision following a council meeting led by President Bola Tinubu at the State House in Abuja.
This budget, part of the 2025-2027 Medium Term Expenditure Framework (MTEF), aims to enhance economic resilience, combat inflation, and strengthen the nation’s financial stability.
The 2025 budget framework includes setting the oil price at $75 per barrel, a N1400 exchange rate per dollar, and a target production rate of 2.06 million barrels per day. According to Bagudu, with a 3.19% growth rate reported in the second quarter of 2024, the government plans to sustain efforts in boosting economic recovery and managing inflation.
FEC also reviewed the implementation of the 2024 budget, highlighting promising progress in revenue collection and expenditure management. Bagudu added that despite minor setbacks in projected targets, revenue from non-oil sectors has surpassed expectations, providing a positive outlook for Nigeria’s economic growth.
The Minister assured that the government is committed to maintaining a January-December budget cycle, ensuring timely passage of the 2025 budget before the end of 2024.
