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The Federal Government of Nigeria on Thursday unveiled its plan to spend N47.9 trillion in 2025.

According to the Minister of Budget and Economic Planning, Atiku Bagudu, the Federal Executive Council also approved the three-year rolling fiscal plan, the Medium Term Expenditure Framework (MTEF), for the period 2025-2027.

The 2025 spending proposal was anchored on a benchmark price of $75 per barrel for crude oil and the country’s oil production of 2.06 million barrels per day (bpd). The MTEF also pegged the exchange rate at N1,400 per dollar, while targeting a gross domestic product (GDP) growth rate of 6.4 per cent.

The budget includes a deficit of N13.8 trillion, or 3.87% of estimated GDP.