The Federal Government of Nigeria has proposed a total budget expenditure of N47.9 trillion for the 2025 fiscal year. This was announced by Atiku Bagudu, the Minister of Budget and Economic Planning, following a Federal Executive Council (FEC) meeting on Thursday, presided over by President Bola Tinubu.
This budget proposal forms part of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the period of 2025 to 2027. Developed under the guidelines of the Fiscal Responsibility Act of 2007, the MTEF and FSP outline the government’s financial plan, establishing spending limits and economic targets for the upcoming years.
The MTEF/FSP document, expected to be submitted to the National Assembly either on Friday or Monday, contains projections that highlight a 4.6% growth in Gross Domestic Product (GDP), an exchange rate pegged at $75 to the Naira, and an anticipated oil production rate of 2.06 million barrels per day.
These projections form the foundation for the economic policies and fiscal goals aimed at fostering sustainable growth and stability over the medium term.
Further details soon…
