The federal government, under the leadership of President Bola Tinubu, has proposed the sum of ₦47.9 trillion as the budget for the 2025 fiscal year.

The figure was approved by the Federal Executive Council (FEC) during its meeting on Thursday at the Aso Rock Villa in Abuja.

The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents after the FEC meeting presided over by President Tinubu.

Bagudu also disclosed that the Council approved the Medium Term Expenditure Framework (MTEF) for 2025-2027.

According to the Minister, the federal government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels for its budget proposal.

He added that FEC also pegged the exchange rate at N1,400 to a US dollar while 6.4 percent is targeted for the Gross Domestic Product (GDP) growth.

Details later…