On Thursday, the Federal Executive Council (FEC) approved a proposed national budget of N47.9 trillion for the 2025 fiscal year.
Atiku Bagudu, the Minister of Budget and Economic Planning, shared this information with State House correspondents following the FEC meeting chaired by President Bola Tinubu.
This approval is part of the Medium Term Expenditure Framework (MTEF) for the years 2025 to 2027 and aligns with the Fiscal Responsibility Act of 2007.
As mandated by the 2007 Fiscal Responsibility Act, the FEC has submitted the budget proposal to the National Assembly.
The framework anticipates a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and an oil production target of 2.06 million barrels per day.
It is worth noting that President Bola Ahmed recently signed the N28.7 trillion budget for 2024, along with a supplementary budget of N6.2 trillion.
