- The Federal Executive Council (FEC) approved a proposed N47.9 trillion budget for 2025
- The proposed budget will be submitted to the National Assembly for approval, as required by law
- TheRadar compiled public reactions following the announcement below
The Federal Executive Council (FEC) has approved a proposed budget of N47.9 trillion for 2025, which has sparked reactions among Nigerians.
The announcement was made by Atiku Bagudu, the Minister of Budget and Economic Planning, on Thursday, November 14.
FEC approves 2025 budget proposal
The proposed budget was reported to be part of the Medium-Term Expenditure Framework (MTEF) for 2025-2027 and aligns with the Fiscal Responsibility Act of 2007. As required by law, the FEC also authorised the submission of the budget proposal to the National Assembly for approval.
Bagudu shared key projections included in the budget, such as a GDP growth rate of 4.6 per cent and an oil production target of 2.06 million barrels per day.
The proposed exchange rate is set at N1,400 to the dollar, a figure that has already raised concerns among citizens alike.
Public reacts to N47.9 trillion budget for 2025
TheRadar has compiled a range of public reactions following the announcement below:
“That's outrageous amount, we wan but Chinese ???” Uncle Enzo stated.
“We are not focused on the total amount spent, but rather on the effectiveness of the spending. What matters most is whether these investments will bring meaningful improvements to the well-being of Nigerians,” Dan-Shehu reacted.
“Outrageous. Only if the needs for such huge omogous amount will be spent properly. Make them give me my share for inside make i fine my way abeg🤣,” Emeka Charles Okoye added.
“This money high pass formal budgets presented by anyone before , Nigerians should tie their belts Waala is looming oh,” Maysbabs reacted.,
“@Politicsngr it would be great you help us with Tinubu's achievement with the 2024 budget,” Mr Victory CO reacted.
“It will not still make any difference,” Buchy Strategy stated.?
FG plans 25% tax on Nigerians earning above N100m
Meanwhile, TheRadar earlier reported that Nigerians earning N100m or more monthly may face a 25% personal income tax if the National Assembly passes a new tax bill.
The tax reforms are expected to take effect by January 2025, pending legislative approval.