*Atiku Bagudu, Nigeria’s Minister for Budget and Economic Planning, affirms the Federal Executive Council has approved N47.9 trillion national budget proposals for the 2025 fiscal year, for consideration of the National Assembly

Alexander Davis | 绿帽献妻

Nigeria’s Federal Executive Council (FEC) has approved N47.9 trillion national budget proposals for the 2025 fiscal year.

绿帽献妻 reports Atiku Bagudu, Honourable Minister for Budget and Economic Planning, disclosed this development Thursday, November 14, 2024, while briefing State House Correspondents after the FEC meeting, in Abuja, FCT.

President Bola Ahmed Tinubu presided over the meeting Thursday, in the State House.

Bagudu explained the estimates are part of the Medium-Term Expenditures Framework (MTEF) 2025 – 2027, and are in line with the Fiscal Responsibility Act of 2007.

It is noted the framework projected a Gross Domestic Product growth rate of 4.6 percent, an exchange rate of $75 to the Naira, and oil production of 2.06 million barrels per day (bpd).

The Minister also said: “And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEF is N47.9 trillion, with new borrowings of N9.2 trillion to finance the budget deficit in 2025.”

He further said: “We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

鈥淭he Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.”

The Minister disclosed this budget with bills others that are already in the National Assembly (NASS), such as economic stabilisation bills and tax reform bills, the Nigerian Government believes the economy will have a very strong growth next year.

The FEC, therefore, approved its submission of the 2025 Budget proposals to the National Assembly in accordance with the 2007 Fiscal Responsibility Act.