The Federal Executive Council (FEC), presided over by President Bola Tinubu, has approved a proposed budget of N47.9 trillion for the 2025 fiscal year.
The Minister of Budget and Economic Planning, Atiku Bagudu, announced this decision after the FEC meeting held at the State House in Abuja.
The 2025 budget is part of the Medium Term Expenditure Framework (MTEF) for 2025 to 2027 and aligns with the provisions of the Fiscal Responsibility Act of 2007. The framework projects a Gross Domestic Product (GDP) growth rate of 4.6%, an exchange rate of $75 to the Naira, and oil production of 2.06 million barrels per day.
The FEC has also approved the submission of the budget proposal to the National Assembly for legislative approval, aiming to have it passed and signed before the end of December 2024.
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