The federal government has unveiled a proposed N47.9 trillion budget for the fiscal year 2025.
Minister of Budget and Economic Planning, Atiku Bagudu made this announcement on Thursday following the Federal Executive Council (FEC) meeting, which was chaired by President Bola Tinubu.
Council had approved the medium-term expenditure framework (MTEF) for the 2025-2027 period.
Bagudu outlined the assumptions behind the proposal, including a crude oil benchmark of $75 per barrel and an oil production target of 2.06 million barrels per day (bpd). He also highlighted that the exchange rate had been set at N1,400 to the dollar, with the government aiming for a 6.4 percent growth in the country’s Gross Domestic Product (GDP).
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