Federal Executive Council Approves N47.9 Trillion 2025 Budget Proposal

By Iyojo Ameh

The Federal Executive Council (FEC) has given its approval for a proposed budget of N47.9 trillion for the 2025 fiscal year. This development was confirmed by Atiku Bagudu, the Minister of Budget and Economic Planning, following Thursday’s FEC meeting.

The budget is part of the Medium Term Expenditure Framework (MTEF) for 2025 to 2027, aligning with guidelines set forth in the Fiscal Responsibility Act of 2007.

This three-year framework establishes key fiscal priorities, including government spending, revenue projections, and measures to address economic challenges.

Bagudu said that the budget seeks to prioritize infrastructure development, healthcare, education, and social welfare programs, while ensuring fiscal discipline.

The budget is expected to be presented to the National Assembly for consideration and debate in the coming weeks.

The FEC also approved the submission of this proposal to the National Assembly, as required by law.

The proposed budget projects a Gross Domestic Product (GDP) growth rate of 4.6 percent and oil production of 2.06 million barrels per day.

The minister also stated that the exchange rate was pegged at N1,400 per dollar.