FEC Approves ₦47.8 Trillion National Budget for 2025

The Federal Executive Council (FEC) has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

The Minister of Budget and Economic Planning, Atiku Bagudu, announced the decision while addressing State House correspondents after Thursday’s FEC meeting, chaired by President Bola Tinubu.

The budget proposal forms part of the Medium Term Expenditure Framework (MTEF) for 2025–2027, in line with the Fiscal Responsibility Act of 2007. Consequently, the FEC authorized its submission to the National Assembly, as mandated by the Act.

The framework outlines projections for a 4.6% GDP growth rate, a crude oil benchmark price of $75 per barrel, and an oil production target of 2.06 million barrels per day.

This follows President Bola Ahmed Tinubu’s earlier assent to the ₦28.7 trillion 2024 budget and an additional ₦6.2 trillion supplementary budget.

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