Tinubu’s Govt Proposes ₦47.9 Trillion Budget for 2025, Up 66% from 2024
Minister of Budget and Economic Planning, Atiku Bagudu, has disclosed that the proposed budget for Nigeria’s 2025 fiscal year is ₦47.9 trillion, marking a substantial increase from the previous year’s spending plan.
Bagudu made this announcement on Thursday after a Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.
The proposed budget, which will be submitted to the National Assembly for review and possible amendments, represents a 66.8% increase from the 2024 budget of ₦28.7 trillion.
Bagudu also outlined key financial assumptions within the budget, including a crude oil benchmark set at $75 per barrel and a production target of 2.06 million barrels per day.
Additionally, the exchange rate for the budget is pegged at ₦1,400 per dollar, while the government anticipates a gross domestic product (GDP) growth rate of 6.4%.
Also Read: Nigeria suffered ₦4.5tr budget deficit in Q2 2024
The FEC’s approval of the Medium-Term Expenditure Framework (MTEF) for 2025–2027 highlights the administration’s fiscal priorities over the next three years.
More details to follow.
