The Federal Executive Council (FEC) has given the green light to a proposed N47.9 trillion budget for 2025, according to the Minister of Budget and Economic Planning, Atiku Bagudu, who made the announcement on Thursday.
This proposed budget is part of the Medium Term Expenditure Framework (MTEF) covering 2025 to 2027, designed to comply with the Fiscal Responsibility Act of 2007.
FEC has also authorized the submission of this proposal to the National Assembly, as legally mandated.
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Key projections for the 2025 budget include a 4.6% GDP growth rate and daily oil production of 2.06 million barrels. The exchange rate is pegged at N1,400 per dollar.
More updates to follow…
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