The federal government has announced a proposed total expenditure of N47.9 trillion for the 2025 budget, setting the stage for a significant investment in Nigeria’s economic resilience and stability. The announcement was made on Thursday by Atiku Bagudu, Minister of Budget and Economic Planning, following a Federal Executive Council (FEC) meeting led by President Bola Tinubu.

The proposed budget framework includes a crude oil price benchmark set at $75 per barrel, an exchange rate of N1,400 to $1, and an anticipated oil production target of 2.06 million barrels per day. These projections aim to provide a stable foundation for revenue expectations and economic planning.

Bagudu highlighted that with a projected growth rate of 3.19% for the second quarter of 2024, the federal government is focusing on combating inflation and bolstering the economy’s resilience. Part of the budget’s focus will be on expanding economic support and ensuring fiscal policies that address Nigeria’s current economic challenges.

To maintain continuity and fiscal discipline, Bagudu emphasized the federal government’s commitment to ensuring that the 2025 budget is approved and signed into law by December 2024, allowing for timely implementation in the new fiscal year.