The Federal Executive Council (FEC) on Thursday approved the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the period 2025-2027, with a projected budget of ₦47.9 trillion for 2025 to be submitted to the National Assembly (today), Friday 15th November or Monday, next week. 

Briefing State House Correspondents after the FEC meeting presided over by President Bola Tinubu in Abuja, Minister of Budget and Economic Planning, Atiku Bagudu, disclosed that the aggregate expenditure for 2025 is estimated at N47.9 trillion Naira, with new borrowings projected at 9.2 trillion Naira. 

Our correspondent, Raliat Adenekan reports that the Minister disclosed that key parameters for the 2025-2027 MTEF include an oil price benchmark of $75 per barrel for 2025, oil production set at 2.06 million barrels per day, and a projected exchange rate of 1,400 Naira to the US Dollar and GDP growth target for 2025 is 4.6%.

Bagudu stressed that tackling inflation and strengthening the country’s economic resilience remained top priorities for the government.

“While we are seeing growth, our focus remains on ensuring that this momentum is sustained by addressing inflation, strengthening the economic buffer, supporting vulnerable populations, and creating jobs. 

The Minister reaffirmed the government’s commitment to continued petroleum market deregulation, while urging the Nigerian National Petroleum Corporation Limited (NNPCL) to reduce production costs significantly. 

Our correspondent reports that the approved MTEF and FSP will now be submitted to the National Assembly for review, alongside other key bills, including the Economic Stabilization and Tax Reform Bills, which the government expects to foster robust growth in 2025.

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