FG Confident in Achieving N36.35 Trillion Revenue Target for 2025

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The federal government is optimistic about meeting its ambitious N36.35 trillion revenue target for 2025, thanks to significant economic reforms. Speaking at a National Assembly hearing on the 2025 Appropriation Bill, Minister of Budget and Economic Planning Abubakar Bagudu highlighted the positive impact of subsidy removals on fuel and foreign exchange, which have already bolstered revenue collection. Bagudu emphasized the government’s focus on maximizing revenue and minimizing costs while implementing reforms to stabilize the economy and enhance resource allocation.

Key assumptions in the N49.74 trillion 2025 budget include oil production of 2.06 million barrels per day, a $75 oil price, and an exchange rate of N1,500/$. Despite a projected N13.08 trillion deficit, Bagudu reassured legislators that lessons from the 2024 budget had informed revenue strategies for the coming year. He noted that deregulation and subsidy elimination have improved both revenue generation and expenditure control, addressing long-standing economic distortions and aligning with Sustainable Development Goals (SDGs).

Bagudu stressed the importance of collaboration between the executive and legislative branches, thanking lawmakers for their support in implementing bold economic reforms. He called for all revenue-generating agencies to adapt to the evolving landscape and contribute to achieving national targets. Lawmakers commended Bagudu’s transparency and pledged their cooperation, with Bagudu reiterating the administration’s commitment to accountability and sustainable economic growth.

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