FEC approves ₦47.9 trillion 2025 budget.

The Federal Executive Council approved a proposed national budget of ₦47.9 trillion for fiscal year 2025.

The Minister of Budget and Economic Planning, Atiku Bagudu, announced this on Thursday when briefing State House media after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, or MTEF, for 2025 to 2027, and was consistent with the Fiscal Responsibility Act of 2007.

Similarly, the fiscal objectives were modest, as we intend to properly investigate the situation and expect to exceed the estimated amounts. Bagudu stated that the approved budget for the National Assembly in the MTEP is ₦47.9 trillion, including new borrowings of ₦9.2 trillion to cover the 2025 budget shortfall.

“We must maintain market deregulation, applaud the laudable deregulation of petroleum prices and currency rates, and urge Nigerian National Petroleum Corporation Limited to considerably reduce its oil and gas production costs. We should also consider revising the relevant portions of the Petroleum Industry Act 2021 to address the major risk to the Federation.”

“The Medium Term Expenditure Framework and Physical Strategy Paper have been accepted by the Federal Executive Council and will be submitted to the National Assembly. This is in addition to the existing measures in the National Assembly, particularly those dealing with economic stabilisation and tax reform, both of which are likely to see significant growth by 2025.

During the meeting, the FEC approved its proposal to the National Assembly in accordance with the 2007 Fiscal Responsibility Act.

The framework predicted a 4.6 percent GDP growth rate, an exchange rate of $75 per naira, and oil production of 2.06 million barrels per day.