On Thursday, November 14, the Federal Executive Council (FEC) gave the green light to Nigeria’s national budget for 2025, setting it at a whopping N47.8 trillion.
Atiku Bagudu, the Minister of Budget and Economic Planning, shared the news with journalists after a meeting with the FEC, which was led by President Bola Tinubu. This budget is part of the country’s financial plan for the years 2025 to 2027, known as the Medium Term Expenditure Framework (MTEF), and follows the rules set out in the Fiscal Responsibility Act of 2007.
“The FEC has approved the proposed budget, and it will now be sent to the National Assembly as required by the law,” Bagudu said.
The budget’s plan includes a projected 4.6% growth in the country’s economy (called GDP), a crude oil price of $75 per barrel, and an expected daily oil production of 2.06 million barrels.
In 2023, President Tinubu had already signed the N28.7 trillion budget for 2024, which was later followed by an additional N6.2 trillion for extra expenses.
This new budget marks an important step in Nigeria’s financial future, with major projects and plans ahead to keep the country growing!
