The Nigerian government, led by President Bola Tinubu, has unveiled a proposed budget of N47.9 trillion for the year 2025, marking a significant increase from the N27 trillion budget for 2024. This ambitious proposal, communicated by Minister of Budget and Economic Planning Atiku Bagudu, was approved after a Federal Executive Council (FEC) meeting chaired by President Tinubu.
The proposed budget is based on a crude oil benchmark of $75 per barrel, with an expected oil production rate of 2.06 million barrels per day. Furthermore, the exchange rate is set at N1400 per US dollar, and the government is targeting a GDP growth rate of 6.4% for the coming year.
This proposed budget indicates the government’s focus on economic growth, with key sectors likely to benefit from the increased funding. The dramatic rise in the total expenditure reflects the administration’s intentions to stimulate the economy, create jobs, and push for substantial infrastructure investments.
The ambitious figures have raised concerns and expectations, with various stakeholder’s keen on how effectively the funds will be allocated and whether the projected revenue will be achieved amidst global economic challenges and local financial pressures.
As the government continues to focus on economic stabilization and development, Nigerians are awaiting further details on the distribution of funds across sectors and its potential impact on national growth.
