The Federal Executive Council (FEC) has proposed a budget of ₦47.9 trillion for the 2025 fiscal year, which is set to be submitted to the National Assembly on Monday. This was announced by the Minister of Budget and Economic Planning, Atiku Bagudu, following a Council meeting chaired by President Bola Tinubu at the Presidential Villa.

Bagudu revealed that the proposed budget is based on key economic assumptions, including a crude oil price of $75 per barrel, an exchange rate of ₦1,400 to the dollar, and an oil production target of 2.06 million barrels per day. To address the anticipated budget deficit, the proposal includes new borrowings amounting to ₦9.2 trillion.

The minister highlighted the government’s commitment to tackling inflation, bolstering economic resilience, and supporting sectors that generate high employment. He emphasized efforts to improve the business environment, youth development, and social investment programs. With a growth rate of 3.19% recorded in the second quarter of 2024, the government remains focused on sustaining economic momentum.

Bagudu also shared insights from the review of the 2024 budget implementation, noting progress in revenue collection and expenditure management. While some prorated targets were not fully met, key non-oil revenue streams performed better than expected, reflecting a positive fiscal trajectory.

Additionally, the FEC approved the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for submission to the National Assembly. Bagudu expressed optimism about strong economic growth in 2025, supported by the ongoing Economic Stabilisation and Tax Reforms Bills already before the National Assembly.