More debt: Nigerian govt confirms plans to borrow more in 2025, gives reasons Nexovant
- Nigeria’s government is expected to borrow in 2025 to finance the 2025 budget already approved by FEC.
- The 2025 budget is worth N48 trillion and has a deficit of N13 trillion, which will be financed through borrowing
- The federal government says the 2025 budget is designed to promote fiscal sustainability, with a focus on balancing government spending and encouraging private sector
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, has revealed that the N13 trillion deficit in the N48 trillion 2025 budget will be financed through borrowing.
Wale Edun confirms plan by Tinubu government to borrow more in 2025 Photo credit: Bloomberg/contributor
Source: Getty Images
Speaking to journalists after the Federal Executive Council (FEC) meeting on Monday, December 16, Edun said that the total projected revenue for 2025 is N34.82 trillion, with the projected expenditure set at N47.96 trillion.
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This represents a 36.8% increase from the 2024 budget estimates, Tribune reports.
The deficit is projected to be N13.14 trillion, which is 3.89% of the country’s Gross Domestic Product (GDP).
The finance minister assured Nigerians that the budget was crafted considering the progress made under President Bola Tinubu’s leadership over the past 18 months.
He stressed the importance of fiscal sustainability, noting that governments worldwide, including Nigeria’s, are focused on balancing revenue, expenditure, and borrowing to foster an environment conducive to economic growth.
His words:
“Private sector-led economies like ours depend on investors to fund various projects, boost productivity, create jobs, and alleviate poverty.
“The government has implemented policies that ensure market-driven pricing of petroleum products and foreign exchange. Efforts to improve electricity pricing are also underway.”
President Tinubu shifts 2025 budget presentation
Earlier, Legit.ng reported that President Bola Ahmed Tinubu will not be able to present the 2025 budget to a joint session of the National Assembly on Tuesday, December 17.
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Tinubu previously submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025-2027
Akpabio disclosed that the 2025 budget presentation will occur in the House of Representatives chamber.
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Source: Legit.ng
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