Nigeria has unveiled plans for a 47 trillion naira ($28.18 billion) budget for 2025, based on an oil price assumption of $75 per barrel and a production target of 2 million barrels per day, Budget Minister Atiku Bagudu announced on Thursday.
The proposed budget includes a deficit of 13.8 trillion naira, representing 3.87% of the projected GDP. Bagudu shared the details following a cabinet meeting in Abuja, emphasizing that the government remains on track with its fiscal strategy.
The 2025 budget also sets a projected exchange rate of 1,400 naira to the U.S. dollar, which is stronger than the official closing rate of 1,655 naira recorded on Thursday.
Bagudu noted that non-oil revenue streams have exceeded expectations, bolstering the government’s financial outlook.
At the current exchange rate of 1,667.91 naira to the dollar, the budget highlights Nigeria’s ongoing efforts to balance oil-dependent revenue with other economic streams.