Yesterday 13/11/24, the Federal Executive Council (FEC) approved a proposed national budget of N47.9 trillion for the 2025 fiscal year.
The Minister of Budget and Economic Planning, Atiku Bagudu, revealed this while briefing State House correspondents following the FEC meeting, which was chaired by President Bola Tinubu.
This was included in the Medium Term Expenditure Framework (MTEF) for 2025 to 2027, in accordance with the Fiscal Responsibility Act of 2007.
As such, the FEC approved its submission to the National Assembly, as mandated by the 2007 Fiscal Responsibility Act.
The framework estimates a 4.6 percent GDP growth rate, an exchange rate of $75 to the naira, and an oil production level of 2.06 million barrels per day.
It should be noted that President Bola Ahmed had previously approved the N28.7 trillion budget for 2024, along with a N6.2 trillion supplementary budget.
