The Federal Government has proposed N47.9 trillion as the total expenditure in the 2025 budget.
Atiku Bagudu, the Minister of Budget and Economic Planning, revealed this on Thursday after the Federal Executive Council (FEC) meeting presided over by President Tinubu.
The approval is part of the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007.
Accordingly, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.
The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day.
Recall that President Bola Ahmed assented to the N28.7 trillion 2024 budget, followed by the N6.2 trillion supplementary budget.
