Nigeria plans $28 billion spending for 2025 budget, minister says
12:03 pm Thursday, November 14th, 2024
ABUJA (Reuters) -Nigeria plans 47 trillion naira ($28.18 billion) spending for its 2025 budget, using an assumption of an oil price of $75 per barrel and target production of 2 million barrels per day, the country’s budget minister said on Thursday.
The budget includes a deficit of 13.8 trillion naira, or 3.87% of estimated GDP, Atiku Bagudu told reporters after a cabinet meeting in Abuja.
The 2025 budget also includes a forecast exchange rate to the U.S. dollar at 1,400 naira, stronger than its official closing rate of 1,655 naira on Thursday.
Bagudu said the government’s fiscal efforts were on track with key non-oil revenue streams performing better than anticipated.
($1 = 1,667.9100 naira)
(Reporting by Felix Onuah;Writing by Chijioke Ohuocha;Editing by Alison Williams and Frances Kerry)
