The Federal Executive Council (FEC) has given its nod to the 2025 budget proposals, amounting to an expenditure of ₦47.96trillion.
This approval marks a substantial 36.8% increase from the previous year's budget, reflecting the government's ambitious plans for economic growth and development.
The announcement was made by Atiku Bagudu, the Minister of Budget and Economic Planning, following a crucial FEC meeting held at the Presidential Villa.
The budget framework is strategically aligned with the National Development Plan 2021-2025 and the renewed hope agenda, aiming to bolster Nigeria's economic resilience.
Bagudu elaborated on the budget's foundation, stating, "The 2025 framework is based on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of 1400 Naira."
These parameters are integral to the medium-term expenditure framework, which has already received the National Assembly's approval.
The projected revenue for 2025 stands at ₦34.82trillion, while the expenditure is set at ₦47.96trillion, resulting in a deficit of ₦13.13trillion, approximately 3.89% of the GDP.
Addressing this deficit, Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, stated that it would be financed through borrowing. He emphasized the progress made under President Bola Tinubu's leadership over the past 18 months, highlighting recent investments by major corporations like Shell and Total as indicators of growing investor confidence.
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