FG Explains Why It Unveiled N47.9 trn Proposal For 2025 Budget

By: The New Diplomat

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News

November 15, 2024

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By Abiola Olawale

The federal government has unveiled a proposed total expenditure of N47.9 trillion for the upcoming 2025 budget.

This announcement was made by the Minister of Budget and Economic Planning, Atiku Bagudu, during a press briefing held on Thursday.

The briefing followed a meeting of the Federal Executive Council (FEC), which was overseen by President Bola Tinubu.

The framework also projects a Gross Domestic Product (GDP) growth rate of 4.6%, an exchange rate of $75 to the Naira, and oil production of 2.06 million barrels per day.

Bagudu said the approval of the 2025 fiscal budget proposal is part of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for 2025-2027 by the Fiscal Responsibility Act of 2007.

The Minister added that the framework is expected to be submitted to the National Assembly as required by law, either on Friday or Monday.

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