Nigeria targets growth with historic N47.9 trillion budget for 2025, aiming to boost economic stability and development.
The Nigerian federal government has proposed a record-breaking budget of N47.9 trillion for the 2025 fiscal year.
Atiku Bagudu, Minister of Budget and Economic Planning, announced the budget plan to journalists on Thursday after the Federal Executive Council (FEC) meeting, which was presided over by President Bola Tinubu, reported NairaMetrics.
Bagudu explained that the council also approved the Medium-Term Expenditure Framework (MTEF) for 2025-2027, outlining the country’s financial direction for the coming years.
The minister disclosed key economic targets, including a crude oil benchmark price of $75 per barrel and an ambitious production goal of 2.06 million barrels per day.
Nigeria sets record-breaking N47.9 trillion for the 2025 fiscal year to drive growth.
Additionally, the budget anticipates a projected exchange rate of N1,400 per dollar and aims to boost Nigeria’s economy with a targeted GDP growth rate of 6.4%.
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“This budget reflects our commitment to strengthening Nigeria’s economic foundations and fostering sustainable growth,” Bagudu stated, signalling the government’s steadied focus on Nigeria’s economic stability and development.
The budget proposal, which will be submitted to the National Assembly for review, reflects the administration’s economic aspirations for the years ahead.
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