FEC Approves N47.9trn Budget For 2025
Deji Elumoye in Abuja
The Federal Executive Council (FEC) on Thursday approved a proposed N47.9 trillion federal budget for 2025 fiscal year.
The Minister of Budget and Economic Planning, Atiku Bagudu, made this known on Thursday while briefing newsmen after the FEC meeting presided over by President Bola Tinubu at the State House, Abuja.
According to him, the executive will put efforts in place to ensure the 2025 budget is passed and signed before the end of December 2024.
Bagudu also noted that FEC approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP).
The 2025 budget proposal, he explained, was part of the Medium Term Expenditures Framework for 2025 to 2027 and in line with the provisions of the Fiscal Responsibility Act of 2007, FEC gave the go-ahead for its submission to the National Assembly by Friday or latest Monday for legislative approval.
The framework projected Gross Domestic Product (GDP) growth rate at 4.6%, exchange rate of $75 to the naira, oil production of 2.06 million barrels per day.
Details later…
