NIGERIA’S FEDERAL GOVERNMENT PROPOSES N47.9 TRILLION BUDGET FOR 2025
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GREATTRIBUNETVNEWS–Nigerian government has unveiled a proposed budget of N47.9 trillion for 2025, Minister of Budget and Economic Planning Senator Abubakar Atiku Bagudu announced ¹. This budget plan was approved by the Federal Executive Council (FEC) meeting, chaired by President Bola Ahmed Tinubu.
Key Budget Highlights:
– _Total Budget_: N47.9 trillion
– _Crude Oil Benchmark_: $75 per barrel
– _Oil Production_: 2.06 million barrels per day
– _Exchange Rate_: N1,400 to $1
– _GDP Growth Target_: 6.4%
The government aims to achieve a January-December budget cycle and has set ambitious targets for economic growth .The proposed budget will be submitted to the National Assembly by November 15 or 18, 2024.
Economic Projections:
The minister noted that Nigeria’s economy has shown positive growth, achieving a 3.19% growth rate in the second quarter of 2024 . The government aims to build on this momentum, addressing inflation, strengthening economic resilience, and providing support for the economy.
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