The federal government has announced a proposed budget of N47.9 trillion for the 2025 fiscal year.
This information was shared by Atiku Bagudu, the Minister of Budget and Economic Planning, during a press briefing on Thursday after the Federal Executive Council (FEC) meeting, which was presided over by President Bola Tinubu.
Bagudu stated that the council had approved the Medium-Term Expenditure Framework (MTEF) for 2025-2027.
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The minister noted that the budget sets the crude oil benchmark at $75 per barrel, with a production target of 2.06 million barrels per day (bpd). Additionally, the budget plans for an exchange rate of N1,400 per dollar and aims for a GDP growth rate of 6.4%.
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