The Federal Executive Council (FEC) convened on Thursday and sanctioned a proposed national budget amounting to N47.9 trillion for the fiscal year 2025.
The Minister of Budget and Economic Planning, Atiku Bagudu, articulated this information during a briefing with journalists at the State House subsequent to the FEC meeting chaired by President Bola Tinubu on Thursday.
This action constituted a component of the Medium Term Expenditures Framework (MTEF) for the period spanning 2025 to 2027, adhering to the stipulations of the Fiscal Responsibility Act of 2007.
Consequently, the FEC endorsed its submission to the National Assembly, as mandated by the provisions of the 2007 Fiscal Responsibility Act.
The framework anticipates a gross domestic product (GDP) growth rate of 4.6 percent, a crude oil price benchmark of $75, and an oil production target of 2.06 million barrels per day.
It is pertinent to note that President Bola Ahmed granted assent to the N28.7 trillion budget for 2024, which was subsequently succeeded by a supplementary budget amounting to N6.2 trillion.
