By Joke Kujenya
THE NIGERIAN government has put forward a proposed budget of ₦47.9 trillion for 2025, marking a key step in its economic strategy under the newly approved Medium-Term Expenditure Framework (MTEF) for 2025-2027.
Minister of Budget and Economic Planning, Atiku Bagudu, announced the proposal after the Federal Executive Council (FEC) meeting led by President Bola Tinubu.
The MTEF, intended to guide fiscal planning and presented to the National Assembly, sets significant macroeconomic targets.
The government has pegged the crude oil benchmark price at $75 per barrel with an anticipated oil production of 2.06 million barrels per day (bpd).
The exchange rate has been set at N1,400 per dollar, aiming for a GDP growth rate of 6.4 percent by 2025.
According to Minister Bagudu, this comprehensive budget and expenditure framework aligns with the Fiscal Responsibility Act of 2007, which mandates clear guidelines for federal spending and economic objectives, reflecting the administration’s goal to stabilize the economy while fostering growth.
