Federal Executive Council Approves N47.9 Trillion Budget Proposal

The Federal Executive Council (FEC) has approved a proposed budget of N47.9 trillion for the upcoming fiscal period. This announcement was made by Minister of Budget and Economic Planning, Atiku Bagudu, during a briefing with State House journalists following the FEC meeting presided over by President Bola Tinubu.

This budget proposal is part of the Medium Term Expenditures Framework (MTEF) for 2025 to 2027, aligning with the Fiscal Responsibility Act of 2007. The FEC has granted approval for its submission to the National Assembly, as mandated by the Act.

The framework outlines key economic projections, including a Gross Domestic Product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the Naira, and an oil production target of 2.06 million barrels per day.

This significant budget proposal reflects the government’s commitment to economic stability and growth, aiming to address critical sectors and drive national development.