Nigeria's 2025 Budget of N47.8tn Approved by FEC

The Federal Executive Council (FEC) has approved Nigeria's budget for the year 2025, setting it at ₦47.9 trillion.

This decision was announced by the Minister of Budget and Economic Planning, Atiku Bagudu, following a council meeting presided over by President Bola Tinubu.

The budget is part of the Medium-Term Expenditure Framework (MTEF) for 2025-2027, in line with the Fiscal Responsibility Act of 2007. The budget assumes an oil price benchmark of $75 per barrel and targets an oil production rate of 2.06 million barrels per day.

Additionally, the exchange rate is projected at 1,400 naira to the U.S. dollar. The budget includes a deficit of 13.8 trillion naira, which constitutes 3.87% of the estimated GDP.

The Nigerian government aims to continue its efforts in tackling inflation, strengthening economic resilience, and supporting economic growth, which was reported to have achieved a positive trajectory with a growth rate of 3.19% in the second quarter of 2024.