The Federal Executive Council (FEC) has authorised a ₦47.9 trillion national budget for the 2025 fiscal year as part of the Medium-Term Expenditure Framework (MTEF) for 2025-2027.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday after the FEC meeting presided over by President Bola Tinubu.
The proposed budget includes ₦9.2 trillion in new borrowings to address the deficit.
Bagudu noted that the fiscal approach is conservative, ensuring stability while aiming for potential economic growth.
The council also emphasised the need for sustaining petroleum and exchange rate deregulations and urged the Nigerian National Petroleum Corporation Limited (NNPCL) to reduce production costs.
Amendments to the Petroleum Industry Act 2021 were suggested to address risks to the federation.
The framework projects a GDP growth rate of 4.6%, an oil production target of 2.06 million barrels per day, and an exchange rate of $75 per barrel.
It will be submitted to the National Assembly, alongside economic stabilisation and tax reform bills.
