ABUJA, Nigeria (ChatnewsTV) — The Federal Executive Council (FEC) has approved a proposed national budget of N47.9 trillion for the 2025 fiscal year. This decision was announced by the Minister of Budget and Economic Planning, Atiku Bagudu, following Thursday’s FEC meeting led by President Bola Tinubu.
The proposed budget is part of the Medium Term Expenditures Framework (MTEF) for 2025 to 2027, which aligns with the guidelines set by the Fiscal Responsibility Act of 2007. “We are committed to a sound fiscal strategy that ensures sustainability and growth,” Bagudu told State House journalists.
Bagudu highlighted key projections within the framework, including a targeted GDP growth rate of 4.6 percent, an expected crude oil price of $75 per barrel, and an oil production goal of 2.06 million barrels per day.
“This framework is designed to balance economic growth with fiscal prudence,” he said, emphasizing that the FEC’s approval allows for the budget proposal to be submitted to the National Assembly, as mandated by the 2007 Fiscal Responsibility Act.
The 2025 budget proposal follows President Tinubu’s recent assent to the N28.7 trillion budget for 2024, accompanied by an additional N6.2 trillion supplementary budget earlier this year.
Editor: Gabriel Ani
