Nigeria Approves 47.9 Trillion Naira Budget for 2025

The Nigerian Federal Executive Council (FEC), led by President Bola Tinubu, has approved a proposed budget of 47.9 trillion Naira (approximately 28.5 billion USD) for the 2025 fiscal year.

The announcement was made by Minister of Budget and Economic Planning, Atiku Bagudu, following a recent council meeting at the Presidential Villa in Abuja.

A substantial portion of the budget is allocated to infrastructure projects, especially those targeting road networks, rail transport, and the expansion of power generation capacities, which are crucial for attracting foreign investment and enhancing domestic productivity.

The budget also outlines provisions for education and healthcare improvements, which the administration views as vital for long-term economic stability and growth.

The proposed budget will now move to the National Assembly for approval, where lawmakers are expected to review and possibly adjust the allocations.

Bagudu noted that, As Nigeria faces economic challenges including inflation, currency volatility, and high debt servicing costs, the budget reflects a strategic balance between economic expansion and fiscal prudence.

 

 

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