Nigeria’s federal government has proposed a whopping N47.9 trillion for the 2025 budget, according to Atiku Bagudu, the Minister of Budget and Economic Planning. This announcement came after the Federal Executive Council (FEC) meeting, which was presided over by President Bola Tinubu.
The proposed budget is part of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for 2025-2027, which aligns with the Fiscal Responsibility Act of 2007. The framework projects a 4.6% Gross Domestic Product (GDP) growth rate, an exchange rate of $75 to the Naira, and oil production of 2.06 million barrels per day.
The MTEF is expected to be submitted to the National Assembly either on Friday or Monday, as required by law. This proposal marks a significant step in Nigeria’s budget planning process, and its implementation will be closely watched in the coming months.
Source: https://vanguardngr.com/
