NB247
The Federal Executive Council(FEC) has proposed N47.9 trillion for the fiscal year 2025.
This exceeds the 2024 budget with N12.9trillion, as the 2024 estimates were put at N35 trillion.
This was the outcome after the meeting of the council presided over by President Bola Tinubu on Thursday.
According to the Minister of Budget and Economic Planning, Atiku Bagudu, the council also approved the 2025-2027 Medium Term Expenditure Framework (MTEF).
He stated that the government has set the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day (bpd).
Bagudu said the exchange rate was pegged at N1,400 per dollar, noting that the government is targeting a gross domestic product (GDP) growth rate of 6.4 per cent.