The Federal Executive Council has proposed the sum of N47.9 trillion for the 2025 fiscal year for submission to the National Assembly on Monday.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this after the FEC meeting chaired by President Bola Tinubu.
The meeting was held on Thursday at the Presidential Villa, Abuja.
According to Bagudu, the Council pegged the price of crude oil at $75 per barrel and proposed N1,400 as exchange rate to a dollar with oil production put at 2.06 million barrels per day.
Bagudu said that the budget proposal included new borrowings of N9.2 trillion to finance the budget deficit in 2025.
The minister added that with the growth rate of 3.19 percent as of the second quarter of 2024, the Federal Government would continue to tackle Inflation, strengthen economic resilience and provide more support for the economy.
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He also said that the government would continue to support high employment generation sectors, improve the business environment and effective implementation of youths development and social investment programmes.
Bagudu also disclosed that FEC reviewed the 2024 Budget implementation and acknowledged that the review revealed promise in revenue collection and expenditure management.
“Despite lack of a prorated target, the overall trajectory shows that fiscal efforts are on track with key non-oil streams performing better than anticipated.
Similarly, the minister said FEC approved the medium term expenditure framework and the fiscal strategy paper to be submitted to the National Assembly.
“This is in addition to the bills that are already at the National Assembly, the Economic Stabilisation Bill and Tax Reforms Bill , which we believe will have a very strong growth in 2025,” he said.
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