The Federal Executive Council (FEC) has approved a proposed national budget of N47.9 trillion for the 2025 fiscal year, marking a significant step in Nigeria’s economic planning.
The announcement was made on Thursday, November 14, by the Minister of Budget and Economic Planning, Atiku Bagudu, following the FEC meeting presided over by President Bola Tinubu.
Bagudu revealed that the proposed budget, part of the Medium-Term Expenditure Framework (MTEF) for 2025–2027, aligns with the Fiscal Responsibility Act of 2007. To finance the projected budget deficit, the government plans to borrow N9.2 trillion.
He emphasized the importance of sustaining the deregulation of the petroleum market and exchange rates while urging the Nigerian National Petroleum Corporation Limited to lower its oil and gas production costs.
Bagudu also suggested amending sections of the Petroleum Industry Act 2021 to mitigate risks to the Federation’s revenue.
The FEC approved the MTEF and Fiscal Strategy Paper for submission to the National Assembly, along with economic stabilization and tax reform bills. According to Bagudu, these measures aim to foster robust economic growth in 2025.
