By Our Reporter
The Federal Executive Council (FEC) has approved a proposed budget of N47.9 trillion for the year 2025.
Atiku Bagudu, the Minister of Budget and Economic Planning, revealed the approval during a press briefing after the FEC meeting, which was chaired by President Bola Tinubu at the Presidential Villa in Abuja.
The approved budget is part of the Medium Term Expenditure Framework (MTEF) for 2025-2027, in line with the provisions of the Fiscal Responsibility Act of 2007. The framework, which will now be submitted to the National Assembly, projects a 4.6% GDP growth rate, an exchange rate of $75 to the Naira, and an oil production target of 2.06 million barrels per day.