By Gabriella Ogbu
The Federal Government has approved the 2025 budget proposal, following the Senate’s endorsement of the Medium-Term Expenditure Framework (MTEF), for 2025-2027.
President Bola Tinubu will present the N47.96 trillion budget to a joint session of the National Assembly on Wednesday, December 18, 2024, after a one-day delay for final adjustments.
Minister of State for Agriculture, Sabi Abdullahi, confirmed the postponement, citing the need for refinements.
The budget, based on the MTEF, includes N9.22 trillion in new borrowings.
Minister of Budget and Economic Planning, Abubakar Bagudu, stated that the 2025 budget represents a 36.8% increase from 2024.
Key assumptions include an oil price benchmark of $75 per barrel, production of 2.06 million barrels per day, and an exchange rate of N1,400 per dollar.
Revenue is projected at N34.82 trillion, with a deficit of N13.13 trillion (3.89% of GDP).
Bagudu assured that the government remains committed to the January-December budget cycle and highlighted strong 2024 revenue inflows, driven by non-oil revenue and petroleum deregulation.
He confirmed full funding for debt service, personnel, pensions, and significant capital expenditure utilization.
Despite challenges, Bagudu expressed confidence in achieving 2025 fiscal targets, emphasizing Nigeria’s steady economic trajectory.
