From Juliana Taiwo-Obalonye, Abuja
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House Correspondents on Thursday after the Federal Executive Council meeting, presided over by President Bola Tinubu.
According to him, the council approved the Medium-Term Expenditure Framework (MTEF) for 2025-2027.
He said the government set the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day. The exchange rate was pegged at N1,400 to $1, with a target GDP growth rate of 6.4 percent.
Bagudu added that, with the growth rate of 3.19% recorded in the second quarter of 2024, the Federal Government will continue to address inflation, strengthen economic resilience, and provide further support for the economy.
“It also included a review of the 2024 budget implementation, where it acknowledged promising progress in revenue collection and expenditure management. Despite lags in pro-rated targets, the overall trajectory shows that fiscal efforts are on track, with key non-oil revenue streams performing better than anticipated.
“Equally, it included parameters for the 2025-2027 Medium-Term Physical Framework, which include an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels a day, as well as an exchange rate of N1,400 to $1, and GDP growth of 4.6%. The federal government’s budget estimate for 2025 is an aggregate expenditure of 47 trillion, including borrowing of 13.8 trillion, which is 3.87% of the estimated budget.
“Notably, for the first time, provisions include contributions to the development commissions that have been passed by the National Assembly or are in the process of being passed.”
On the approval of the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP), Bagudu said the executive will work to ensure the 2025 budget is passed and signed before December 2024.
He also noted that Nigeria’s economy has turned in the right direction, achieving a positive growth rate and economic stability.
The Council reviewed the 2024 budget, highlighting significant advancements in revenue collection and expenditure management. Despite some delays in meeting pro-rated targets, officials noted that key non-oil revenue streams are performing better than expected. The overall fiscal trajectory remains positive, indicating that the government’s financial efforts are on track.
Bagudu added that the federal government is working to ensure a January-December budget cycle.
The Minister also mentioned that the proposed budget would be forwarded to the National Assembly by Friday or, at the latest, Monday, 18th November 2024.