BREAKING: FG proposes N47.9 trillion as 2025 Budget
The Nigerian government, led by President Bola Ahmed Tinubu, has revealed a proposed budget of a hefty N47.9 trillion for the year 2025. This announcement came from the Minister of Budget and Economic Planning, Atiku Bagudu, shortly after the Federal Executive Council (FEC) meeting, which the president himself chaired.
This budget plan is part of the new Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, covering 2025 to 2027, all in line with the Fiscal Responsibility Act of 2007.
Breaking down the economic expectations, the government has set a crude oil price benchmark at $75 per barrel, with a production target of 2.06 million barrels per day.
Furthermore, they’ve pegged the dollar exchange rate at N1,400 and anticipate a 4.6% growth rate for the nation’s GDP, hoping to drive a solid economic push in the coming year.
This ambitious budget proposal surpasses last year’s N35 trillion budget, and some wonder how achievable these new targets are—especially considering Nigeria’s current oil production, which hovers around 1.8 million barrels daily, slightly below the target.
Interestingly, this 2025 budget proposal follows a series of significant financial moves by Tinubu’s administration, including the N28.7 trillion 2024 budget and an additional N6.2 trillion supplementary budget approved just this year.
The House of Representatives also emphasized the need for prompt budget submission to give them ample time for review and adjustments.
Last year’s budget was marred by accusations of budget padding, with members of the National Assembly allegedly adding unnecessary spending to the proposal.
While the government seems determined to meet its ambitious targets, especially the oil production benchmark, industry insiders remain skeptical.
Despite the optimism in Abuja, some wonder how Nigeria will bridge the gap between current production and the set goals, as well as how the exchange rate target will play out amid inflationary pressures.
The high expectations set for this N47.9 trillion budget indicate Tinubu’s administration is pushing for more than just economic stability—it’s a statement of their growth ambitions and resilience.
As details unfold, Nigerians will keep an eye on the government’s execution of these plans and whether this bold approach will bring the results they’ve promised.
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