The federal government plans to spend 47.9 trillion naira as budget for 2025.
This was disclosed by the minister of Budget and National planning at the end of this week’s federal executive council meeting chaired by President Bola Tinubu.
The Council also approved the 2025-2027 midterm expenditure framework and fiscal strategy paper.
President Tinubu’s administration is already preparing the 2025 budget, with a 47.9 trillion naira proposed expenditure.
But first, the federal executive council approved the 2025 to 2027 medium term expenditure framework and fiscal strategy paper.
There will be ₦9.22 trillion of new borrowing to finance the deficit, as the oil benchmark has been pegged at $75 per barrel, while daily crude oil production is estimated 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 a GDP growth of 4.6% in 2025.
There is also a borrowing plan that will need the approval of the national assembly.
The coordinating minister of the economy, Wale Edun says this Executive needs the approval for 2.2 billion dollars financing program made up of access to the international capital market.
The Minister also announced approval granted to the Ministry of Finance incorporated real estate investment fund.
This fund is the basis for the revival and the return of long term mortgage financing to the Nigerian economy.
250 billion will be set aside in the first phase that will provide low cost, long term mortgages to Nigerians that want to acquire houses and it will close up the gap of housing deficit.
