The Federal Executive Council (FEC) has given the green light for a proposed N47.9 trillion budget for the 2025 fiscal year, according to Atiku Bagudu, Minister of Budget and Economic Planning.
The announcement was made on Thursday.
The budget proposal forms part of the Medium Term Expenditure Framework (MTEF) covering 2025 to 2027, in accordance with the guidelines set by the Fiscal Responsibility Act of 2007.
In line with legal requirements, the FEC has also approved forwarding the budget proposal to the National Assembly for review and deliberation.
The 2025 budget anticipates a Gross Domestic Product (GDP) growth rate of 4.6 percent, alongside a daily oil production target of 2.06 million barrels. Additionally, the exchange rate has been projected at N1,400 per dollar.
%20has%20given%20the%20green%20light%20for%20a%20proposed%20N47.9%20trillion%20budget%20for%20the%202025%20fiscal%20year,%20according%20to%20Atiku%20Bagudu,%20Minister%20of%20Budget%20and%20Economic%20Planning.){kind=link}