The Nigerian government has proposed a total expenditure of N47.9 trillion for the 2025 budget, aiming for key economic growth targets.
Minister of Budget and Economic Planning, Atiku Bagudu made the announcement on Thursday following the Federal Executive Council (FEC) meeting led by President Bola Tinubu in Abuja.
“The approval is part of the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper for 2025-2027,” Bagudu explained.
He noted that the proposal complies with the provisions of the Fiscal Responsibility Act of 2007.
The MTEF is expected to be submitted to the National Assembly either Friday or Monday for legislative approval.
The budget framework projects a 4.6% growth rate for Nigeria’s Gross Domestic Product (GDP) over the next year, as well as an exchange rate of 75 Naira to the US dollar and oil production is estimated at 2.06 million barrels per day, a target that will be pivotal for the country’s revenue generation.
