The Federal Executive Council had approved of next year budget. The meeting was help today Monday at the Presidential Villa.
The budget was earlier approved on November 14 by the FEC, although it was to only take effect if lawmaker approve 2025-2027 Midterm Economic Framework(MTEF).
Atiku Bagudu, the minister of Budget and Economic Planning said the total budget for 2025 is 47.9 trillion naira. He also spoke of the fact that every aspect unclear has been addressed and the President is ready to present the budget to the National Assembly within 48 hours.
He said that the government plans that the price of crude oil should be 76 dollar per barrel and to produce 2.06 million barrel each day. The budget would also have the exchange rate of 1 dollar to 1400 naira amd that would increase the GDP growth by 6.4%.
He also added that the government expects 34.82 trillion naira in revenue from the budget.
He said, “And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded. The budget size approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025.”
“We need to sustain the commendable market deregulation of petroleum prices and exchange rates, compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even consider amending the relevant sections of the Petroleum Industry Act 2021 to address the significant risk to Federation.”
“The Federal Executive Council approved the Medium-Term Expenditure Framework and the Fiscal Strategy Paper, which will be submitted to the National Assembly. In addition to bills already at the National Assembly, the economic stabilisation bills and tax reform bills, which we believe will have a robust growth in 2025,” Senator Bagudu said.
Bagudu explains in details 2025-2027 economic plan based on Fiscal Reponsibility Acts of 2007. The price of a barrel of crude oil would increase to 76. 2 dollar in 2026 and then 75.3 dollar. 2.10 million and 2.30 million was also approved for 2026 and 2027.
The presentation of the budget has been postponed from tomorrow Tuesday 17th to Wednesday 18th December 2024.
Mohammed Idris, the minister of Information spoke up on the rescheduling. He said that the leadership of NASs and executive arm are still discussing.
A circular was passed across to every staff of National Assembly of the development but no reason was given for the change.
The circular was signed by the secretary of Human Resources Dr. Alkali said ,” I am directed to inform you that the presentation of the 2025 Budget by the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency, Senator Bola Ahmed Tinubu GCFR, has been postponed to Wednesday, December 18. Staff are to resume their normal duties tomorrow, as the controlled entry instructions earlier given would be observed on Wednesday, 18th December 2024.”
Edited by: Oladeji Olabisi
