National News
Breaking: FEC seeks N47.9 trillion budget for 2025
The federal government has unveiled a proposed budget of N47.9 trillion for the 2025 fiscal year.
The Minister of Budget and Economic Planning Atiku Bagudu, disclosed this to journalists on Thursday following the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.
Bagudu revealed that the council had approved the Medium-Term Expenditure Framework (MTEF) for 2025-2027.
According to the minister, the government has pegged the crude oil benchmark at $75 per barrel, with an oil production target of 2.06 million barrels per day (bpd).
The budget also sets the exchange rate at N1,400 per dollar and aims for a gross domestic product (GDP) growth rate of 6.4%.
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