….Targets 6.4% GDP Growth
The Federal Government on Thursday hinted that it proposed N47.9 trillion as the national budget for fiscal year 2025 as part of the Medium-Term Expenditure Framework (MTEF) for 2025-2027 approved at the Federal Executive Council (FEC) meeting.
The Minister of Budget and Economic Planning, Atiku Bagudu, who made this disclosure during a media chat with State House correspondents after the FEC meeting presided over by President Bola Tinubu, said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day (bpd).
In addition, the minister said the exchange rate was pegged at N1,400/$1, noting that the government is targeting a gross domestic product (GDP) growth rate of 6.4% in the fiscal year.
Bagudu further clarified: “The budget size approved for presentation to the National Assembly in the MTEF is N47.9tn, with new borrowings of N9.22tn to finance the budget deficit in 2025.
“We aim to sustain the commendable market deregulation of petroleum prices and the exchange rate, compel the Nigerian National Petroleum Corporation Limited to significantly lower its oil and gas production costs, and potentially amend relevant sections of the Petroleum Industry Act 2021 to address key risks to the Federation”, the minister added.
