The Federal Executive Council (FEC) has approved a proposed national budget of N47.9 trillion for the 2025 fiscal year.
The decision was announced by the Minister of Budget and Economic Planning, Atiku Bagudu, following a FEC meeting chaired by President Bola Tinubu on Thursday.
The 2025 budget forms part of the Medium Term Expenditures Framework (MTEF) for 2025 to 2027 and aligns with the Fiscal Responsibility Act of 2007.
Bagudu confirmed that the FEC has approved its submission to the National Assembly in compliance with the Act, which mandates transparent and responsible fiscal planning.
The MTEF projects a GDP growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day.
These figures outline the government’s economic targets for the upcoming year, emphasizing growth and stability.
This proposed budget comes after President Bola Tinubu signed the N28.7 trillion 2024 budget, followed by a N6.2 trillion supplementary budget aimed at addressing pressing fiscal needs.
