The Federal Executive Council (FEC) has approved a ₦47.9 trillion budget for the 2025 fiscal year.
This decision was made during a meeting at the Aso Rock Villa in Abuja, presided over by President Bola Tinubu.
Key parameters in the proposal include a crude oil benchmark of $75 per barrel and a production target of 2.06 million barrels per day.
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The government has also set the exchange rate at ₦1,400 to a US dollar, with a projected GDP growth rate of 6.4%.
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The approved budget forms part of the Medium Term Expenditure Framework (MTEF) for 2025-2027, outlining the government’s financial strategies for the coming years.
Details later…
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