The Federal Government of Nigeria has proposed a N47.9 trillion budget for 2025, marking a substantial increase from the N28.7 trillion approved for the 2024 fiscal year.

During a press briefing following the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu, the Minister of Budget and Economic Planning, Atiku Bagudu, unveiled the Medium-Term Expenditure Framework (MTEF) for 2025-2027. The new proposal represents a 67% increase from the 2024 budget, reflecting the government's expanded fiscal projections.

Key parameters for the 2025 budget include a crude oil benchmark price of $75 per barrel and projected oil production of 2.06 million barrels per day, compared to the 2024 budget's $77.96 per barrel and 1.78 million bpd. The significant change in exchange rate assumptions—from N750/$1 in 2024 to N1,400/$1 for 2025—reflects recent currency market realities.

The government's ambitious GDP growth target of 6.4% for 2025 shows increased optimism compared to the 3.76% projected for 2024. This comes as the administration continues to implement various economic reforms initiated in 2024, including fuel subsidy removal and exchange rate unification.