Economy

FEC Approves N47.9trn Budget For 2025 


THE Federal Executive Council (FEC) has, on Thursday, approved a proposed budget of N47.9 trillion for 2025 fiscal year. 

The Minister of Budget and Economic Planning, Atiku Bagudu, made the announcement while briefing State House Correspondents, following the FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.

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President Bola Tinubu

Stonix News reports that the approval is part of the Medium Term Expenditure Framework (MTEF) for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007.

The framework, which is now to be submitted to the National Assembly as required by law, projects a Gross Domestic Product (GDP) growth rate of 4.6 per cent, an exchange rate of $75 to the Naira, and oil production of 2.06 million barrels per day.

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