The Federal Executive Council (FEC), yesterday, rose from its last meeting in 2024 with the approval of a N47.86 trillion budget proposal for the 2025 fiscal year.
Minister of Budget and Economic Planning, Atiku Bagudu, made this known while briefing newsmen at the end of the FEC meeting, presided over by President Bola Tinubu.
According to him, the 2025 budget framework was based on oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day and exchange rate of N1,400 to a dollar.
“Today (yesterday) the Federal Executive Council approved the budget proposals for 2025 with amendments which Mr. President directed following a presentation to the Federal Executive Council led by the Director General of the Budget Office, Tanimu Yakubu.
“Earlier, the medium term expenditure framework and fiscal strategy paper was designed to build on the advances in macro economics stability, security gains, infrastructure gains, human capital development effort and creative industries, manufacturing and all the measures that have been taken to expand economic activity, create consumer credit, national agricultural development fund, gas, CNG initiative, housing initiative.”
