BREAKING: FEC approves N48trn budget for 2025

The Federal Executive Council (FEC), on Thursday, approved a proposed budget of N47.9 trillion.

Minister of Budget and Economic Planning, Atiku Bagudu disclosed this while briefing State House journalists after the FEC meeting presided over by President Bola Tinubu on Thursday.

This was part of the Medium Term Expenditures Framework (MTEF) for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

The FEC granted approved its submission to the National Assembly as required by the 2007 fiscal Responsibility Act.

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The framework projected Gross Domestic Product (GDP) growth rate at 4.6 percent, exchange rate of $75 to the Naira, oil production of 2.06 million barrels per day.