November 14, (THEWILL) – The Federal Executive Council (FEC) has approved a proposed sum of N47.9 trillion as budget for the 2025 fiscal year.
The approval is part of the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents on Thursday, after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu in Abuja.
Bagudu said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels.
The council also pegged the exchange rate at N1,400 to a US dollar and projects a Gross Domestic Product (GDP) growth rate of 4.6%,
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