The Federal Executive Council has approved Nigeria’s Medium-Term Expenditure Framework (MTEF) for 2025-2027, setting the federal budget at ₦47.9 trillion for 2025.
The plan includes ₦9.22 trillion in new borrowing to cover the deficit, with an oil benchmark set at $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of ₦1,400 to the dollar.
Presented by the Ministry of Budget and Economic Planning, the framework projects a GDP growth rate of 4.6% for 2025. It emphasizes the need for fiscal reforms, urging continued market deregulation of petroleum prices and calling on the Nigerian National Petroleum Corporation Limited (NNPCL) to lower production costs.
The Minister of Budget and Economic Planning announced these details following the council meeting in Abuja.
The MTEF is set to be submitted to the National Assembly between Friday and Monday.
