The Nigerian government has proposed a budget of N47.9 trillion for the 2025 fiscal year. This was revealed by the Minister of Budget and Economic Planning, Atiku Bagudu, who briefed State House correspondents on Thursday following the Federal Executive Council (FEC) meeting, which was chaired by President Bola Tinubu in Abuja.
Bagudu also announced that the Council approved the Medium Term Expenditure Framework (MTEF) for the period 2025-2027.
Key assumptions in the proposal include a crude oil benchmark of $75 per barrel, with oil production set at 2.06 million barrels per day. The exchange rate has been pegged at N1,400 to the US dollar, while the government aims for a 6.4% growth in Gross Domestic Product (GDP).
