FEC Greenlights Ambitious N47.9 Trillion Budget for 2025, Aiming for 4.6% GDP Growth

|By Ejalonibu Kolawole –

In a bold move, the Federal Executive Council (FEC) approved a record-setting N47.9 trillion national budget for the 2025 fiscal year, according to Budget and Economic Planning Minister Atiku Bagudu. The announcement came during a press briefing after the FEC meeting, led by President Bola Tinubu.

Part of the Medium Term Expenditure Framework (MTEF) for 2025-2027, the budget aligns with the Fiscal Responsibility Act of 2007. Following FEC’s approval, the proposed budget will be submitted to the National Assembly.

The economic framework targets a 4.6% GDP growth rate, a projected exchange rate of $75 to the naira, and an oil production goal of 2.06 million barrels per day.

This ambitious plan follows President Tinubu’s approval of the 2024 budget of N28.7 trillion and a supplementary N6.2 trillion budget.