14th November, 2024
By Ayorinde Oluokun/Abuja
Atiku Bagudu, Nigeria’s minister of Budget and Economic Planning indicated on Thursday that the Federal government has proposed budget of N47.9 trillion for the 2025 fiscal year.
He spoke to journalists after the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.
The budget proposal was part of the Medium-Term Expenditure Framework (MTEF) for 2025-2027 approved at the FEC meeting, Atiku said. Bagudu said the MTEF has new borrowings of N9.22 trillion.
Giving further details of the document, Atiku said the government pegged the crude oil benchmark at $75 per barrel, with an oil production target of 2.06 million barrels per day (bpd).
He added that the budget also sets the exchange rate at N1,400 per dollar and aims for a gross domestic product (GDP) growth rate of 6.4%.
Bagudu said, “The budget size approved for presentation to the National Assembly in the MTEF is N47.9tn, with new borrowings of N9.22tn to finance the budget deficit in 2025. We aim to sustain the commendable market deregulation of petroleum prices and the exchange rate, compel the Nigerian National Petroleum Corporation Limited to significantly lower its oil and gas production costs, and potentially amend relevant sections of the Petroleum Industry Act 2021 to address key risks to the Federation.”
Details later
