The Federal Executive Council (FEC) has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this after the Council meeting chaired by President Bola Tinubu at the Presidential Villa, yesterday.
This is part of the Medium-Term Expenditures Framework (MTEF) for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.
According to the minister, FEC pegged the price of crude oil at $75 per barrel and proposed N1,400 as exchange rate to a dollar with oil production put at 2.06 million barrels per day.
Bagudu said the budget proposal include new borrowings of N13. 8 trillion to finance the budget deficit in 2025.
The minister added that with the growth rate of 3.19 per cent as at the second quarter of 2024, the Federal Government would continue to tackle inflation, strengthen economic resilience and provide more support for the economy
“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend 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 physical strategy paper, and it will be submitted to the This, in addition to bills that are already at the National Assembly, the economic stabilisation bills and tax reform bills, which we believe will have a very, very strong growth in 2025.”
He also said the government would continue to support high employment generation sectors, improve the business environment and effective implementation of youths development and social investment programmes.
Bagudu also disclosed that FEC reviewed the 2024 Budget implementation and acknowledged that the review revealed promise in revenue collection and expenditure management.
”Despite lack of a prorated target, the overall trajectory shows that fiscal efforts are on track with key non-oil streams performing better than anticipated.
He added that the Federal Government was working to ensure a January-December budget circle.
The proposed budget will be forwarded to the National Assembly by Monday, November 18.
Similarly, the minister said FEC approved the medium term expenditure framework and the fiscal strategy paper to be submitted to the NASS.
“This is in addition to the bills that are already at the National Assembly, the Economic Stabilisation Bill and Tax Reforms Bill , which we believe will have a very strong growth in 2025,” he said.
Meanwhile, the Federal Ministry of Agriculture and Food Security has outlined a number of initiatives and priorities aimed at enhancing food production in the country.
Some of these initiatives include the delivery of agro inputs to farmers, the repositioning of agricultural institutions and the deepening engagement amongst farmers, herders and communities.
The minister, Abubakar Kyari, disclosed the measures in a speech he delivered during the opening ceremony of the 46th meeting of the National Council on Agriculture and Food Security meeting in Calabar.
“As priority actions, ongoing tasks include the delivery of agro inputs to farmers, the repositioning of agricultural institutions and the deepening engagement amongst farmers, herders and communities. Others are collaboration on water resources irrigation schemes, soil fertility and information systems,
laboratories establishment in research institutes, and relevant universities, faculties and colleges repositioning.”
The minister emphasised that the meeting is a platform for appraising existing policies, programmes and projects at the national and sub-national levels, in order to entrench synergy, best practices, entrepreneurship, livelihood and growth in the sector.
He charged participants to uphold the principle of inclusiveness, transparency, prioritization and partnership for collective agribusiness undertakings in the country.
Also speaking, Aliyu Abdullahi, minister of state for agriculture and food security, said the government aims to use infrastructure, technology and entrepreneurship as the fundamental elements of exploring agricultural potential, sectoral linkages and social inclusion for food security in the country.
In another development, the Federal Government has officially launched the Humanitarian Supply Chain Management – Partnership for Localisation Project to enhance the country’s humanitarian response capabilities.
The initiative launched by Vice President Kashim Shettima in Abuja, aims to empower local actors and utilize domestic resources to address escalating humanitarian needs exacerbated by climate change and global economic challenges.
Shettima, represented by Deputy Chief of Staff Ibrahim Hassan Hadejia, stated, “Inaction is simply not an option, and the cost of failing to address these crises at their roots will be devastating.” He emphasized that localization is crucial for creating a more inclusive and resilient future for Nigeria.
The project aligns with the Nigeria Localisation Framework, established in 2019, which prioritizes national and local institutions in humanitarian decision-making.
A key component of the initiative is the establishment of a Disaster Relief Fund, approved by President Bola Tinubu, intended to provide immediate assistance to disaster victims across the nation.
“Local communities understand their challenges best, and by empowering them, we provide them with the tools to shape their own futures,” Shettima said.
The project is implemented by the Office of the Special Assistant to the President on Special Duties, Emergency, and Logistics, in collaboration with the Federal Ministry of Budget and Economic Planning and the USA-based Fritz Institute. Mitsuko Mizushima, Project Director at Fritz Institute, highlighted the initiative’s focus on local engagement: “This project is designed to give local people a seat at the table,” she said. The training provided through this initiative has already reached over 25,000 individuals, making it accessible and free.
Chief Adviser to the Government of Borno State on Sustainable Development and Humanitarian Support, Mairo Mandara, emphasised that localisation means responding directly to community needs. “As long as we remain focused on our transition plans, we cannot go wrong.”
In addition, the United States Agency for International Development (USAID) announced its commitment to directing approximately 27 percent of its funding toward Nigerian-led organizations. Alexis Taylor-Granados, USAID’s Acting Deputy Mission Director, noted that “lasting change in Nigeria requires partnership and collaboration,” underscoring the importance of empowering local humanitarian groups.
The initiative represents a significant step toward transforming Nigeria’s humanitarian landscape by fostering local leadership and ensuring that aid is more responsive to community needs.
Credit: The Sun