Nigeria’s Federal Executive Council (FEC) on Monday approved the 2025 Budget proposal of N47.96 trillion.
The budget proposal was approved by the Federal Executive Council (FEC) in Abuja on Monday.
Nigeria’s Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, told State House Correspondents after the FEC meeting that the budget proposal was approval after some amendments by President Tinubu after its presentation.
The minister stated that N34.82 trillion is earmarked as the total projected revenue for 2025, while expenditure is projected at N47.96 trillion.
According to the minister, the 2025 budget is predicated on $75 per barrel oil price benchmark, while oil production is pegged at 2.06 million barrels per day and the exchange rate of the local currency, the naira at N1,400 to 1 dollar.
The minister disclosed that the budget proposal will be presented to the National Assembly on Wednesday and that the Presidency was already engaging with the National Assembly so that the budget will be presented to the joint session of the National Assembly (Parliament). ($1=N1525)
GIK/APA