The Nigerian government wants to spend N47.9 trillion on the country in 2025. The Minister of Budget and Economic Planning, Atiku Bagudu, brought up this idea after a meeting of the Federal Executive Council (FEC) on November 14, 2024, which was led by President Bola Tinubu. Because the Fiscal Responsibility Act of 2007 says it has to be, this budget is part of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027.
A 4.6% growth rate for the country’s Gross Domestic Product (GDP) is one of the most important parts of the suggested budget. This means that the government thinks the economy will grow slowly this year, even though there will be problems like inflation, changes in the global economy, and problems with the way the economy is set up in the United States. The budget also assumes that the exchange rate will be 75 Naira to the U.S. Dollar. This is because the government wants to keep the value of the currency stable, but this is probably too low given how volatile the foreign exchange market has been in recent years. The government has also set a goal of producing 2.06 million barrels of oil per day. Because oil money is such an important part of Nigeria’s budget, this goal is a very important sign for the country’s finances and trade with other countries.
The proposed budget will now be sent to the National Assembly. It is believed that they will look it over and possibly approve it on Friday or Monday. This is a very important part of the budgeting process because the Assembly has to agree with the budget before it can be used. The document not only shows how the government plans to spend money over the next year, but it also shows what its economic goals are and how it plans to help the country grow.
These predictions are very important to Nigeria’s budget plans because they will help the government decide how much to spend, invest, and run social welfare programs over the next year. If it passes, the 2025 budget will give us the money we need to deal with problems like unemployment, inadequate infrastructure, and the need to expand our economy beyond the oil industry.
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