The Federal Government has unveiled plans to generate N36.35 trillion in revenue for the 2025 fiscal year.
Budget and Economic Planning Minister Senator Atiku Bagudu made the announcement on Monday, outlining strategies to achieve the target. These strategies include strengthening revenue-generating agencies, blocking leakages, maximizing gains from fuel subsidy removal, and floating the naira.
The N36.35 trillion revenue target is a component of the 2025 N49.7 trillion Appropriation Bill.
Bagudu expressed confidence that the target would be met, citing President Bola Ahmed Tinubu’s directive to revenue-generating Ministries, Departments, Agencies (MDAs), and Government-Owned Enterprises (GOEs) to intensify efforts in expanding the revenue base.
He also emphasized that the Federal Government would consolidate on gains from fuel and foreign exchange subsidy removal. According to Bagudu, the economic measures initiated by the Tinubu administration have saved the nation approximately N930 billion in previously lost revenue.
Efforts to increase oil production at reduced costs are also expected to lead to additional revenue growth.
President Tinubu proposed an expenditure of N49.74 trillion in the 2025 Appropriation Bill, presented to the National Assembly on December 18 last year.
Key assumptions for the budget include crude oil production of 2.06 million barrels per day at $75 per barrel, an exchange rate of N1, 500 to the dollar, 15.75 percent inflation, and a Gross Domestic Product (GDP) growth rate of 4.6 percent. Despite a projected deficit of N13.08 trillion, Bagudu insisted that the Federal Government can generate the targeted revenue to fund the budget.
The minister noted that lessons learned from implementing last year’s budget have informed the assumptions for 2025.
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