The Federal Executive Council (FEC) has approved a proposed national budget of N47.9 trillion for Nigeria’s 2025 fiscal year.
The Minister of Budget and Economic Planning, Atiku Bagudu, announced this significant decision on Thursday following a FEC meeting chaired by President Bola Tinubu.
The approved budget is part of the Medium-Term Expenditures Framework (MTEF) for 2025 to 2027, aligning with Nigeria’s Fiscal Responsibility Act of 2007. With FEC’s endorsement, the budget proposal will now proceed to the National Assembly for further review and consideration, fulfilling the Act’s requirement for budget submission.
The framework projects an economic growth target, forecasting a GDP growth rate of 4.6 percent. Additionally, it estimates crude oil at a price of $75 per barrel, with daily oil production levels expected to reach 2.06 million barrels.
This announcement follows President Tinubu’s recent approval of the N28.7 trillion budget for 2024, supplemented by an additional N6.2 trillion to cover extra expenditures.
