The Federal Executive Council, FEC, on Thursday, approved a proposed national budget of N47.9 trillion for the 2025 fiscal year.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu on Thursday.
This was part of the Medium Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.
Accordingly, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.
The framework projected a gross domestic product (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.
Recall that President Bola Ahmed assented to the N28.7 trillion 2024 budget, followed by the N6.2 trillion supplementary budget.