The Federal Executive Council (FEC) has approved a proposed budget of N47.9 trillion for the year 2025.
This was part of the Medium Term Expenditure Framework (MTEF) for 2025-2027, in line with the Fiscal Responsibility Act of 2007.
Minister of Budget and Economic Planning, Atiku Bagudu, announced the figure while addressing State House Correspondents shortly after the FEC meeting presided over by President Bola Tinubu on Thursday in Abuja.
He explained that the Council pegged the price of crude oil at $75 exchange rate of N1,400 to 1$ dollar and oil production of 2.06million barrels per day.
Bagudu contended 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.
While disclosing that FEC approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP), the Minister assured that the executive would accelerate efforts to ensure that the 2025 budget is passed and signed before December 2024.
He also disclosed that the Council 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 prorated targets, the overall trajectory shows that fiscal efforts are on track and key non oil streams performing better than anticipated,” Bagudu said.
He said, efforts ongoing by the Federal Government to ensure a January-December budget circle.
