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The Federal Executive Council (FEC) has approved N47.9 trillion for the 2025 fiscal year.
This was disclosed by the Minister of Budget and Economic Planning, Atiku Bagudu, on Thursday after the meeting of the council presided over by President Bola Tinubu.
Mr Bagudu, while addressing journalists, said 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).
Mr Bagudu added that 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.
PREMIUM TIMES reported that the House of Representatives told the Executive to ensure prompt submission of the 2025 budget and MTEF.
The lawmakers, following the consideration of a motion moved by Clement Jimbo (APC, Akwa Ibom), resolved that the president should submit the proposal to allow them ample time to scrutinise the budget.
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President Tinubu sent the 2024 budget to the National Assembly on 29 November 2023, and it was approved within 30 days by the National Assembly.
However, that budget was marred by allegations of budget padding by members of the National Assembly.
The 2025 budget proposal exceeds the N35 trillion 2024 budget.
However, it is unclear how the government intends to meet the parameters, particularly the oil production benchmark of 2.06 million barrels per day. According to reports, Nigeria currently produces about 1.8 million barrels per day.
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