JUST-IN: Federal Gov’t Proposes N47.9trn Budget For 2025

The federal government has proposed the sum of N47.9 trillion as budget proposal for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents on Thursday, after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu in Abuja.

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

He said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels.

FEC also pegged the exchange rate at N1,400 to a US dollar while the government also targets 6.4 percent Gross Domestic Product (GDP) growth.