The Nigerian government on Thursday proposed a 47 trillion naira ($28.18 billion) spending for its 2025 budget.
The proposed 2025 budget is based on an assumption of an oil price of $75 per barrel and a target production of 2 million barrels per day.
Minister of Budget and National Planning Abubakar Atiku Bagudu stated this while briefing journalists on Thursday in Abuja after the federal executive meeting.
He said the budget includes a deficit of 13.8 trillion naira, or 3.87% of estimated GDP.
According to him, the 2025 budget also includes a forecast exchange rate to the U.S. dollar at 1,400 naira, stronger than its official closing rate of 1,655 naira on Thursday.
Bagudu said the government’s fiscal efforts were on track with key non-oil revenue streams performing better than anticipated.
