Abuja, Nigeria – The Federal Government has announced a proposed budget expenditure of N47.9 trillion for the 2025 fiscal year.
Atiku Bagudu, the Minister of Budget and Economic Planning, revealed the proposal during a press briefing on Thursday following the Federal Executive Council (FEC) meeting, which was chaired by President Bola Tinubu.
The budget proposal is part of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for 2025-2027, formulated in line with the Fiscal Responsibility Act of 2007. According to Bagudu, the framework will be formally presented to the National Assembly either on Friday or Monday, as mandated by law.
Key projections under the framework include a Gross Domestic Product (GDP) growth rate of 4.6%, an exchange rate benchmark of $75 to the Naira, and an oil production target of 2.06 million barrels per day.
More details on the proposal are expected to follow.
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