President Bola Tinubu has proposed a total of N47.9 trillion for the 2025 budget.
Minister of Budget and Economic Planning, Atiku Bagudu, announced this after Thursday’s Federal Executive Council (FEC) meeting presided over by Tinubu.
This budget proposal is part of the medium term expenditure framework (MTEF) and fiscal strategy paper for 2025-2027 in line with the Fiscal Responsibility Act of 2007.
The framework, which is expected to be submitted to the National Assembly by Friday or Monday, includes projections of a 4.6% GDP growth rate, oil benchmark of $75 and oil production target of 2.06 million barrels per day.
The budget minister said the exchange rate was pegged at N1,400 per dollar.
The 2024 budget presented to the National Assembly by the Tinubu administration was N27.5 trillion.