The Federal Executive Council has approved a record sum of N47.9 trillion as the total expenditure in the 2025 budget.
This was revealed to journalists by Atiku Bagudu, the Minister of Budget and Economic Planning shortly after the federal executive council (FEC) meeting presided over by President Bola Tinubu.
The Minister said that FEC first approved the medium-term expenditure framework (MTEF) for 2025-2027. The MTEF is expected to be submitted to the National Assembly as required by law, either tomorrow (Friday) or on Monday.
Mr. Bagudu further stated that the 2025 budget proposal is hinged on a crude oil benchmark of $75 per barrel and a crude oil production level of 2.06 million barrels per day (bpd).
The exchange rate was pegged at N1,400 to the dollar, with a projected gross domestic product (GDP) growth rate of 6.4%.
The ambitious budget proposals is coming on the heel of the announcement by NNPC Ltd that Nigeria’s oil production has crossed 1.8 million barrels per day in October and expects the country to achieve 2 million barrels per day production by the end of 2024.