Checkout Magazine has learnt that the 2025 Appropriation Bill targets N34.8 trillion revenue.
The Bill also projects a comprehensive debt restructuring strategy aimed at freeing up funds for critical infrastructure development.
This approach is one of the key components of the 2025-2027 Medium-Term Fiscal Framework and Fiscal Strategy Paper (MTEF/FSP), which the Federal Executive Council (FEC) approved on Thursday.
The MTEF/FSP with the N47.9 trillion 2025 Appropriation Bill are to be transmitted to the National Assembly for consideration.
The federal lawmakers resume today from a two-week recess.
With declining household and private-sector spending, the government plans to secure long-term non-commercial facilities with tenors ranging between 10 and 50 years and a moratorium of five to seven years.
According to the MTEF/FSP document released by the Budget Office of the Federation, the provision for debt service is expected to rise significantly due to the country’s large debt profile and the Central Bank of Nigeria (CBN) Monetary Policy Rate (MPR), which stood at 27.25 per cent as of September.
The MTEF/FSP has outlined ambitious revenue and expenditure goals in 2025.
Under revenue, the Federal Government is targeting N34.8 trillion, with N19.6 trillion and N5.7 trillion from oil and non-oil taxes respectively; N2.87 trillion from Government-Owned Enterprises (GOEs); N3.6 trillion from independent revenue sources and N4.8 trillion from other sources.
Next year’s expenditure goal of the government is N47.9 trillion, comprising N14.2 trillion for non-debt recurrent expenditure; N16.4 trillion for aggregate capital expenditure; N15.38 trillion for debt service and N2 trillion for other expenditures.
The government acknowledged persistent revenue mobilisation challenges, low oil and gas revenues, and escalating costs of fuel subsidies as contributors to the federal budget deficit.
However, recent reforms, including the removal of petrol subsidies, reduction in tax waivers, and higher crude oil production, are expected to alleviate fiscal pressures.
