2025 Budget: FG Proposes N47.9trn<\/p>\n
The Federal Executive Council (FEC) yesterday approved the Medium-Term Expenditure Framework for 2025-2027 with a proposed budget of N47.9 trillion for the year 2025.<\/p>\n
This was disclosed by the Minister of Budget and Economic Planning, Atiku Bagudu, while briefing State House correspondents at the end of the FEC meeting presided over by President Bola Ahmed Tinubu.<\/p>\n
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The minister said the approval is part of the \u201cMedium Term Expenditure Framework (MTEF) for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007\u201d.<\/p>\n
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Bagudu also disclosed that FEC pegged the price of crude oil at $75, exchange rate at 1400 Naira to a dollar and projected oil production of 2.06 million barrels per day.<\/p>\n
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The minister added that with the growth rate of 3.19%, which is expected in the second quarter of 2024, the federal government will continue to tackle inflation, strengthen economic resilience and provide more support for the economy.<\/p>\n
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According to Bagudu:\u00a0 \u201cThe budget size approved for presentation to the National Assembly in the MTEF is N47.9 trillion, with new borrowings of N9.22 trillion to finance the budget deficit in 2025. We aim to sustain the commendable market deregulation of petroleum prices and the exchange rate, compel the Nigerian National Petroleum Company Limited to significantly lower its oil and gas production costs, and potentially amend relevant sections of the Petroleum Industry Act 2021 to address key risks to the federation.\u201d<\/p>\n
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He further said, the approval included a review of the 2024 budget implementation, promising progress in revenue collection and expenditure management, despite lags in pro-rated targets.<\/p>\n
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\u201cThe overall trajectory shows that fiscal efforts are on track with key non-oil streams performing better than anticipated,\u201d he said.<\/p>\n
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The minister added that the government will continue to tackle inflation, strengthen economic resilience, support the vulnerable and rebuild this economic buffer and render support to high employment generation sectors, improve the business environment and ensure effective implementation of youth development and social investment programmes.<\/p>\n
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Bagudu said the overall trajectory shows that fiscal efforts are on track in the non-oil streams, performing better than anticipated.<\/p>\n
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He also said FEC approved the medium term expenditure framework which is expected to be submitted to the National Assembly, adding that: \u201cThis is in addition to bills that are already at the National Assembly; the economic stabilisation bill and tax reform bills.\u201d<\/p>\n
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The framework is expected to be transmitted to the National Assembly today, November 15 or Monday, November 18.<\/p>\n","protected":false},"excerpt":{"rendered":"
2025 Budget: FG Proposes N47.9trn The Federal Executive Council (FEC) yesterday approved the Medium-Term Expenditure Framework for 2025-2027 with a proposed budget of N47.9 trillion for the year 2025. This was disclosed by the Minister of Budget and Economic Planning, Atiku Bagudu, while briefing State House correspondents at the end of the FEC meeting presided […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79,2,5,18],"tags":[954,157,80],"class_list":{"0":"post-145400","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-featured","8":"category-finance","9":"category-news","10":"tag-budget-2025","11":"tag-nigeria","12":"tag-tinubu"},"yoast_head":"\n