Highlight

FG proposes N47.9trn for 2025 budget

300

The Federal Government has proposed a budget size of N47.9 trillion for the 2025 fiscal year.

Mr. Atiku Bagudu, the Minister of Budget and Economic Planning, announced this at a media briefing after the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.

The budget proposal was part of the Medium-Term Expenditure Framework (MTEF) for 2025-2027 approved at the FEC meeting.

Bagudu said the MTEF has new borrowings of N9.22 trillion.

Giving further details, Bagudu said the government pegged the crude oil benchmark at $75 per barrel, with an oil production target of 2.06 million barrels per day (bpd).

He said the budget has also set the exchange rate at N1,400 per dollar and aims for a gross domestic product (GDP) growth rate of 6.4%.

“The budget size approved for presentation to the National Assembly in the MTEF is N47.9tn, with new borrowings of N9.22tn 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 Corporation 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,” the minister said.

Details later

Leave a comment

Related Articles

Olopade assumes office as NSC DG, promises new lease of life for Nigerian sports

Bukola Olopade had assumed office as the Director General of the resuscitated...

Amid High Inflation Rate, IMF Pledges Support for Nigeria’s Economic Reforms

International Monetary Fund (IMF) President Kristalina Georgieva and her team met with...

Nigeria’s Super Falcons Ajibade, Nnadozie, Nominated for 2024 CAF Women’s Player of the Year

The Confederation of African Football (CAF) has announced the nominees for the...

Just in: FG announces reshuffle of governing councils at FUOYE, Kogi varsity

The Federal Government has made changes to the governing councils of Federal...

Exclusive: Eguavoen Opens Up on Declining NFF Contract Extension, Reveals Reasons

Super Eagles Coach, Austin Eguavoen, has revealed why he declined the Nigeria...

Boost for Nigeria’s Oil Production As NNPC’s Utapate Crude Grade Hits Global Oil Market

In a major boost for Nigeria’s crude oil production, revenue generation, and...

Just in: FG sacks varsity Pro-Chancellor for misconduct

The Minister of Education, Dr. Tunji Alausa, has announced the removal of...

Just in: INEC presents Certificates of Return to Ondo Gov. Aiyedatiwa, deputy

The Independent National Electoral Commission (INEC) has presented Certificates of Return to...

Breaking: Senate sacks Danladi Umar, Code of Conduct Tribunal chairman  

Following proven allegations of gross misconduct and unacceptable behaviour, the Senate on...

Just in: South Africa takes over G20 Presidency from Brazil, first African nation to lead the bloc

South Africa has taken over the presidency of the G20 from Brazil,...

Tinubu submits 3 INEC REC, federal commissioner-nominees for Senate’s approval

President Bola Tinubu has sent the name of Ondo Resident Electoral Commissioner,...

Just in: After a night in custody, DSS in Ogun releases Ladi Adebutu

Mr. Ladi Adebutu, the 2023 People’s Democratic Party (PDP) governorship candidate in...

Senate holds valedictory session for late Sen. Ifeanyi Ubah

The Nigerian Senate suspended its plenary session on Tuesday to pay tribute...

Three days after Ogun council poll, DSS arrests Ladi Adebutu, 2023 PDP’s guber candidate

The Department of State Services (DSS) in Ogun State has arrested the...

Russian Pres. Putin signs decree for nuclear retaliation against non-nuclear states

Russian President Vladimir Putin on Tuesday signed a decree allowing Moscow to...

International students in US: Nigeria ranks 7th worldwide, leads in Africa

Nigeria has emerged as the seventh-largest source of international students in the...

Pres.Tinubu redesignates three special media advisers spokespersons for government

President Bola Tinubu has re-designated the positions of two recently appointed officials...

FirstBank Hosts First-ever China-Africa Interbank Association Forum

FirstBank, the premier West African financial institution and financial inclusion service provider,...

Falana to FG: Restore Baruwa as NURTW’s Preside

Mr. Femi Falana (SAN) has asked the Federal Government to reinstate Tajudeen...