FEC Approves Nigeria’s 2025 Budget Of N47.8 Trillion

FEC Approves Nigeria’s 2025 Budget Of N47.8 Trillion

On Thursday, the Federal Executive Council (FEC) approved the proposed national budget for Nigeria, amounting to N47.9 trillion for the 2025 fiscal year.

The Minister of Budget and Economic Planning, Atiku Bagudu, made the announcement following a FEC meeting chaired by President Bola Tinubu. This approval is part of the Medium Term Expenditure Framework (MTEF) for 2025–2027, in accordance with the Fiscal Responsibility Act of 2007.

As required by the Act, the approved budget will now be submitted to the National Assembly. The framework outlines an expected GDP growth rate of 4.6%, with a projected crude oil price of $75 per barrel and an oil production target of 2.06 million barrels per day.

This follows President Tinubu’s recent assent to the N28.7 trillion budget for 2024, which was supplemented by an additional N6.2 trillion budget