FEC approves N479tn 2025 Budget
The Federal Executive Council has approved a proposed N47.9 trillion budget for 2025, with plans to borrow N9.2 trillion to cover the deficit, announced by Minister Atiku Bagudu after a FEC meeting.
The Federal Executive Council, FEC, has approved N47.9trillion proposed budget for the 2025 fiscal year, according to the Minister of Budget and Economic Planning, Atiku Bagudu.
This was even as it would borrow about N9.2 trillion to finance budget deficit within the period.
Bagudu spoke while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu on Thursday.
According to Bagudu, this was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027, in line with the Fiscal Responsibility Act of 2007.
His words, "Equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded. The budget size that was approved for presentation to the National Assembly in the MTEP is N47.9 trillion, with new borrowings of N9.2 trillion to finance the budget deficit in 2025.
According to Bagudu, this was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027, in line with the Fiscal Responsibility Act of 2007.
His words, "Equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded. The budget size that was approved for presentation to the National Assembly in the MTEP is N47.9 trillion, with new borrowings of N9.2 trillion to finance the budget deficit in 2025.
“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to the federation.
“The FEC approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly. This in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe will ensure a very, very strong growth in 2025.”
The FEC further projected a gross domestic product, GDP, growth rate of 4.6 percent;, an exchange rate of N1,400 per dollar as well as the production of 2.06 million barrels of oil per day.
“The FEC approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly. This in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe will ensure a very, very strong growth in 2025.”
The FEC further projected a gross domestic product, GDP, growth rate of 4.6 percent;, an exchange rate of N1,400 per dollar as well as the production of 2.06 million barrels of oil per day.
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