The Federal Government is planning to spend N47.9 trillion in the 2025 fiscal year, it has been revealed.
The Federal Executive Council (FEC), on Thursday, approved the proposed budget in a meeting at the State House Abuja presided by President Bola Tinubu.
This was revealed by the Minister of Budget and Economic Planning, Atiku Bagudu, while briefing journalists at the end of the FEC meeting.
The approval is part of the “Medium Term Expenditure Framework (MTEF) for 2025-2027, following the Fiscal Responsibility Act of 2007, Mr Bagudu said.
He said the FEC pegged the price of crude oil at a $75 exchange rate of N1,400 to 1$ dollar and oil production of 2.06 million barrels per day.
The minister said with the growth rate of 3.19% which comes in the second quarter of 2024, the federal government will continue to tackle inflation, strengthen economic resilience and provide more support for the economy.
Mr Bagudu said, “It included parameters for the 2025- 2027 medium-term physical framework, which include an oil price benchmark of $75 per barrel for 2025 oil production of 2.0 6 million barrels a day, as well as an exchange rate of 1400 Naira to $1 and GDP growth of 4.6% the expected that for 2025, the federal government budget estimate is the aggregate expenditure is estimated at 47 trillion, and this includes borrowing of 13. 8 trillion, which is 3.87% of estimated and it includes projections.”
