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BREAKING: FEC Approves N48 Trillion Budget Proposal for 2025

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The Federal Executive Council (FEC) has approved a proposed budget of N47.9 trillion for 2025. This was announced by Atiku Bagudu, Minister of Budget and Economic Planning, following the FEC meeting on Thursday, presided over by President Bola Tinubu.

The budget forms part of the Medium Term Expenditure Framework (MTEF) for 2025–2027, aligned with the Fiscal Responsibility Act of 2007. The FEC’s approval authorizes the submission of the proposal to the National Assembly, as stipulated by the Act.

Key projections in the framework include a 4.6 percent GDP growth rate, an exchange rate of $1 to the Naira at 75, and an oil production target of 2.06 million barrels per day.

Further details to follow.

Emmanuel Femi Adedayo

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Emmanuel Femi Adedayo

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