Tinubu Presents Record ₦47.9 Trillion 2025 Budget Proposal to National Assembly
- Esther
- Nov 19, 2024
- 1 min read

President Bola Tinubu has presented a record ₦47.9 trillion budget proposal for the 2025 fiscal year to the National Assembly.
This proposal is part of the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The budget marks a major increase of 35% from the previous year's budget of ₦35.5 trillion.
The proposed budget allocates ₦9.92 trillion to non-debt recurrent expenditure, ₦7.72 trillion to capital expenditure, and ₦8.25 trillion for debt servicing.
Statutory transfers are set at ₦1.37 trillion, with a sinking fund of ₦243.66 billion. To finance the budget deficit, new borrowings amounting to ₦9.2 trillion are included, representing 3.87% of the estimated GDP.
Minister of Budget and Economic Planning, Atiku Bagudu, detailed the framework during a briefing in Abuja. He highlighted key fiscal assumptions, including a projected GDP growth rate of 4.6%, an oil price benchmark of $75 per barrel, and oil production of 2.06 million barrels per day. The exchange rate is pegged at ₦1,400 to the dollar.
Bagudu emphasized the government's commitment to market deregulation for petroleum prices and exchange rates, urging the Nigerian National Petroleum Corporation Limited to reduce oil and gas production costs. He also mentioned potential amendments to the Petroleum Industry Act 2021 to mitigate risks to the Federation.
The proposed budget aims to underpin key reforms and investments to stimulate economic growth and address fiscal challenges. Once approved by the National Assembly, it is expected to support these objectives and ensure stability while accommodating potential growth beyond projections.
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