The Federal Government has proposed the sum of N47.9 trillion for the 2025 fiscal year for submission to the National Assembly on Monday, November 18, 2024.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this after the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu at the Presidential Villa in Abuja on Thursday, November 14.
Bagudu said the council pegged the price of crude oil at $75 per barrel and proposed N1,400 as the exchange rate to a dollar with oil production put at 2.06 million barrels per day.
Bagudu said the budget proposal included new borrowings of N9.2 trillion to finance the budget deficit in 2025.
The minister added that with a growth rate of 3.19 per cent as of the second quarter of 2024, the federal government would continue to tackle inflation, strengthen economic resilience, and provide more support for the economy.
FEC approves $2.2bn external borrowing plan
He stated that the government would continue to support high employment generation sectors, improve the business environment and effective implementation of youth development and social investment programmes.
Bagudu also disclosed that FEC reviewed the 2024 budget implementation and acknowledged that the review revealed promising in revenue collection and expenditure management.
“Despite lacks in prorated target, the overall trajectory shows that fiscal efforts are on track with key non-oil streams performing better than anticipated,” Bagudu said.
The minister revealed that FEC approved the medium-term expenditure framework and the fiscal strategy paper to be submitted to the National Assembly.
“This is in addition to the bills that are already at the National Assembly, the Economic Stabilisation Bill and Tax Reforms Bill, which we believe we will have a very strong growth in 2025,” he added.
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