The Federal Executive Council (FEC) on Thursday approved a proposed budget of N47.9 trillion for 2025.
Minister of Budget and Economic Planning, Atiku Bagudu, made the announcement while briefing journalists at the end of the FEC meeting presided over by President Bola Tinubu at the State House, Abuja.
The approval is part of the Medium Term Expenditure Framework (MTEF) for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007.
According to him, FEC pegged the price of crude oil at $75 exchange rate of N1400 to 1$ dollar and oil production of 2.06million barrels per day.
Bagudu added that with the growth rate of 3.19% which comes in the second quarter of 2024, the Federal government will continue to tackle inflation, strengthen economic resilience and provide more support for the economy.
He also noted that FEC approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP)
He said the executive will put efforts in place to ensure the 2025 budget is passed and signed before December 2024.
He also noted that significantly Nigeria’s economy has turned in the right direction, achieving the gross positive growth rate in economic stability.
The Minister further made known that the Council also reviewed the 2024 budget implementation,adding that this included promising progress in revenue collection and expenditure management.
“It also included a review of the 2024 budget implementation, where it acknowledged that a review of the implementation of 2024 budget reviews promising progress in revenue collection and expenditure management, despite lags in pro rated targets, the overall trajectory So shows that fiscal efforts are on track these key non oil streams performing better than anticipated. Equally.
Bagudu added that the Federal Government is working to ensure a January-December budget circle.