ABUJA – THE Federal Executive Council FEC, on Thursday approved a budget proposal of N47.9 trillion for 2025 fiscal year

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this while briefing State House correspondents, at the end of the Council meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja.

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The approval is part of the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007.

The framework, which is expected to be submitted to the National Assembly as required by law, either on Friday or Monday, 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.