The Federal Executive Council (FEC) has approved the 2025-2027 Medium-Term Expenditure Framework (MTEF), setting Nigeria’s federal budget at ₦47.9 trillion for 2025.
The plan includes ₦9.22 trillion in new borrowing to finance the deficit, with an oil benchmark of $75 per barrel, production at 2.06 million barrels per day, and an exchange rate of ₦1,400 to the dollar.
The framework, presented by the Ministry of Budget and Economic Planning, projects GDP growth of 4.6% in 2025. It also emphasizes fiscal reforms, including sustaining market deregulation for petroleum prices and urging the Nigerian National Petroleum Corporation Limited (NNPCL) to reduce production costs.
Minister of Budget and Economic planning made this known after the council meeting in Abuja
The MTEF is scheduled for submission to the National Assembly between Friday and Monday
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