{"id":4723,"date":"2024-12-09T10:33:00","date_gmt":"2024-12-09T10:33:00","guid":{"rendered":"https:\/\/synerginfo.com\/?p=4723"},"modified":"2024-12-12T12:56:14","modified_gmt":"2024-12-12T12:56:14","slug":"nigerias-2025-budget-66-increase-in-public-spending","status":"publish","type":"post","link":"https:\/\/synerginfo.com\/en\/business\/nigerias-2025-budget-66-increase-in-public-spending\/","title":{"rendered":"Nigeria’s 2025 Budget: 66% increase in public spending"},"content":{"rendered":"\n

Nigeria is planning an ambitious budget for 2025, with an estimated expenditure of N47.9 trillion<\/strong> (US$28.74 billion), marking a significant increase of 66% from the N28.77 trillion<\/strong> allocated in 2024.<\/p>\n\n\n\n

A budgetary framework focused on economic development<\/strong><\/h3>\n\n\n\n

This announcement, relayed by local media on November 14, 2024, quotes the Minister of Budget and Economic Planning, Atiku Bagudu<\/strong> . This budget is part of the objectives of the Medium-Term Expenditure Framework (MTEF)<\/strong> and the Fiscal Strategy 2025-2027, aimed at supporting economic growth.<\/p>\n\n\n\n

The budget is based on key assumptions:<\/p>\n\n\n\n

    \n
  • Oil price<\/strong>\u00a0set at $75 per barrel.<\/li>\n\n\n\n
  • Oil production<\/strong>\u00a0expected at 2.06 million barrels per day.<\/li>\n\n\n\n
  • Exchange rate<\/strong>\u00a0of 1400 naira to 1 dollar.<\/li>\n\n\n\n
  • GDP growth<\/strong>\u00a0projected at 4.6%.<\/li>\n<\/ul>\n\n\n\n

    Debt management and budget deficit<\/strong><\/h3>\n\n\n\n

    To finance the plan, the government plans to borrow N13.8 trillion<\/strong> to cover a budget deficit of 3.87 percent of GDP<\/strong> . President Bola Tinubu<\/strong> said the debt service to revenue ratio currently stands at 65 percent, down from 97 percent previously.<\/p>\n\n\n\n

    However, in July 2024, Afreximbank<\/strong> estimated that this ratio could reach 110.4%, revealing concerns about Nigeria’s ability to meet its financial commitments.<\/p>\n\n\n\n

    Persistent challenges in a fragile economic context<\/strong><\/h3>\n\n\n\n

    Despite the government’s efforts to strengthen the economy, several obstacles remain:<\/p>\n\n\n\n

      \n
    • Inflation<\/strong>\u00a0: It rose to 32.7% in October, compared to 32.15% in August 2024. This increase is attributed to the increase in gasoline prices and recent floods.<\/li>\n\n\n\n
    • Impact of floods<\/strong>\u00a0: These natural disasters have aggravated economic pressures.<\/li>\n<\/ul>\n\n\n\n

      Ongoing economic reforms<\/strong><\/h3>\n\n\n\n

      The Nigerian government has introduced various reforms aimed at stabilizing the economy. According to the World Bank<\/strong> , although these measures have generated notable progress, structural challenges remain significant.<\/p>\n\n\n\n

      This budget reflects the authorities’ commitment to stimulating economic growth, but it also underlines the need for rigorous management to ensure the country’s financial viability.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Nigeria is planning an ambitious budget for 2025, with an estimated expenditure of N47.9 trillion (US$28.74 billion), marking a significant increase of 66% from the N28.77 trillion allocated in 2024. A budgetary framework focused on economic development This announcement, relayed by local media on November 14, 2024, quotes the Minister of Budget and Economic Planning, Atiku Bagudu . This budget is […]<\/p>\n","protected":false},"author":1,"featured_media":4559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,38],"tags":[],"class_list":["post-4723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-africa","category-business"],"yoast_head":"\nNigeria's 2025 Budget: 66% increase in public spending - Synerginfo<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/synerginfo.com\/en\/business\/nigerias-2025-budget-66-increase-in-public-spending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria's 2025 Budget: 66% increase in public spending - Synerginfo\" \/>\n<meta property=\"og:description\" content=\"Nigeria is planning an ambitious budget for 2025, with an estimated expenditure of N47.9 trillion (US$28.74 billion), marking a significant increase of 66% from the N28.77 trillion allocated in 2024. 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