The Federal Executive Council (FEC) on Thursday, approved a proposed national budget of N47.9 trillion for the 2025 fiscal year.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents at the end of the FEC meeting presided over by President Bola Tinubu in Abuja.
This was part of the Medium-Term Expenditures Framework (MTEF) for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.
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According to the minister, the government has pegged the crude oil benchmark at $75 per barrel, with an oil production target of 2.06 million barrels per day (bpd).
The government also sets the exchange rate at N1,400 per dollar and aims for a gross domestic product (GDP) growth rate of 6.4%.
By: Babajide Okeowo
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