BREAKING: FG unveils N47.9trn budget proposal for 2025

The federal government has unveiled a proposed total expenditure of N47.9 trillion for the 2025 budget.

Atiku Bagudu, the Minister of Budget and Economic Planning, made this disclosure on Thursday while briefing journalists after the Federal Executive Council (FEC) meeting, presided over by President Bola Tinubu.

The proposed budget forms part of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for 2025-2027, in compliance with the Fiscal Responsibility Act of 2007. Bagudu noted that the framework is set to be presented to the National Assembly by Friday or Monday, as mandated by law.

Key projections in the framework include a Gross Domestic Product (GDP) growth rate of 4.6%, an exchange rate pegged at $75 to the Naira, and an oil production target of 2.06 million barrels per day.

Further details about the budget proposal and its implications for the Nigerian economy are expected to be released soon.