The Federal Government has officially approved the Medium Term Expenditure Framework (MTEF) for 2025-2027, outlining a proposed budget size of N47.9tn and new borrowings totaling N9.22tn. This decision was announced by the Minister of Budget and Economic Planning, Abubakar Bagudu, following the Federal Executive Council meeting in Abuja.
The MTEF includes key parameters such as an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, an exchange rate of N1400 to $1, and a GDP growth of 4.6 per cent. The framework will be transmitted to the National Assembly for further review and approval.
In addition to budget estimates and borrowing plans, the MTEF also addresses various sectors including contributions to development commissions and efforts to lower oil and gas production costs. The Minister highlighted progress in revenue collection and expenditure management, emphasizing the government’s commitment to fiscal responsibility.
With the approval of the MTEF for 2025-2027, the Federal Government aims to continue economic growth and sustainable financial management for the benefit of all Nigerians.