The federal government has proposed N47.9 trillion for the 2025 budget, Minister of Budget and Economic Planning, Mr Abubakar Atiku Bagudu, has said.
The minister said this Thursday while briefing State House correspondents at the end of the Federal Executive Council (FEC) meeting presided over by President Bola Ahmed Tinubu.
He said the Federal Executive Council approved the Medium Term Expenditure Framework (MTEF) for 2025-2027.
The minister said the proposed budget would be forwarded to the National Assembly on Friday, November 15, 2024 or latest on Monday November 18, 2024.
He said the federal government was working to ensure a January-December budget circle.
He said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day.
He said the exchange rate was pegged at N1,400 to $1, stressing that the government targets a 6.4 percent GDP growth.
The minister said with the growth rate of 3.19% which comes in the second quarter of 2024, the federal government would continue to tackle Inflation, strengthen economic resilience and provide more support for the economy.
“It also included a review of the 2024 budget implementation, where it acknowledged that a review of the implementation of development 2024 budget reviews promising progress in revenue collection and expenditure management, despite lags in pro rated targets, the overall trajectory shows that fiscal efforts are on track these key non oil streams performing better than anticipated.
“Equally it included parameters for the 2025- 2027 medium term physical framework, which include an oil price benchmark of $75 barrel for 2025 oil production of 2.0 6 million barrels a day, as well as an exchange rate of 1400 Naira to $1 and GDP growth of 4.6% the expected that for 2025.
“The federal government budget estimate is the aggregate expenditure is estimated at 47 trillion, and this includes a borrowing of 13. 8 trillion, which is 3.87% of estimated and it includes projections especially for the first time, provisions of contribution to the development commissions that have been passed by the National Assembly who are in the process of being passed by the National Assembly,” he said.
On approval of the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP), the minister said the executive would ensure that the 2025 budget is passed and signed before December 2024.
He said the council also reviewed the 2024 budget, highlighting significant advancements in revenue collection and expenditure management.
He said despite some delays in meeting pro-rated targets, officials noted that key non-oil revenue streams are performing better than expected.
He said the overall fiscal trajectory remains positive, indicating that the government’s financial efforts are on track.