Sunday, February 9, 2025

Nigeria’s Proposed N47.9 Trillion Budget Aims to Strengthen Economy, Tackle Inflation

Nigeria’s Federal Executive Council (FEC) has unveiled a proposed N47.9 trillion budget for the 2025 fiscal year, focusing on economic resilience and growth. Key highlights include pegging crude oil at $75 per barrel, an exchange rate of N1,400 to $1, and oil production set at 2.06 million barrels per day. The proposal will be presented to the National Assembly on Monday.

Minister of Budget and Economic Planning, Atiku Bagudu, emphasized that the 2025 budget seeks to address inflation, create employment, and bolster social investment programs. “Our fiscal strategy is conservative to ensure economic stability while projecting growth rates of 3.19% for 2024 and aiming for 6.4% by 2025,” Bagudu stated.

The budget includes new borrowings of N9.2 trillion to cover the deficit, reflecting an increase from the N28.78 trillion 2024 budget. The FEC also reviewed the 2024 budget performance, noting improved revenue collection and stronger non-oil revenue streams, despite missing some prorated targets.

READ MORE: Clash Between Farmers and Herders in FCT Leaves 5 Children, 4 Farmers Injured

The council approved the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, alongside pending Economic Stabilisation and Tax Reform Bills, which aim to drive robust growth in 2025. Bagudu underscored the importance of market deregulation, reduced production costs by the Nigerian National Petroleum Corporation Limited (NNPCL), and potential amendments to the Petroleum Industry Act to mitigate fiscal risks.

This ambitious proposal reflects Nigeria’s commitment to a balanced approach between fiscal responsibility and economic development, promising critical investments in high-impact sectors and the welfare of its citizens.

Hot this week

Skill Gap Crisis: 75% of Employers Say Graduates Lack Key Workforce Skills

Three in four employers say college graduates are not...

Energy Independence: How Dangote Group Generates 1,540 MW for Its Operations

The Dangote Group, led by billionaire industrialist Aliko Dangote,...

Prince Uzo Nwosu JNR Receives Global Entrepreneurship Award At The United Nations International Day For Education

In a remarkable celebration of innovation and leadership, Prince...

EU Unveils €100m Space Programme to Support Africa’s Green Transition

Africa is set to benefit from a €100m space...

Electricity Bills to Soar as FG Plans to Cut Subsidies, Consumers Kick

Nigerians are set to face a steep rise in...

Proposed 31 New States Could Add Strain to Nigeria’s Fragile Economy – Mike Ozekhome

The Nigerian House of Representatives' proposal to create 31...

Sam Nujoma, Namibia’s Founding Father, Dies at 95

Sam Nujoma, Namibia’s Founding Father, Dies at 95 Namibia is...

Tinubu’s Authority Challenged as GAC Backs Obasa’s Removal in Lagos

President Bola Tinubu’s long-standing dominance over Lagos politics is...

Trump Freezes Aid to South Africa Over Land Seizure Law

In a dramatic policy shift, President Donald Trump has...

Energy Independence: How Dangote Group Generates 1,540 MW for Its Operations

The Dangote Group, led by billionaire industrialist Aliko Dangote,...

Aging Infrastructure Drives NPA’s 15% Hike in Port Charges

Nigeria’s maritime industry is set for a shift as...

We Will Not Be Bullied’: Ramaphosa Responds to U.S. Criticism on Land Reform

South African President Cyril Ramaphosa has vowed that his...

Related Articles

Popular Categories