FG Proposes N47.9trn as 2025 Appropriation Bill

The Nigerian government has proposed the sum of N47.9 trillion as the budget proposal for the 2025 fiscal year.

The Independent mirror reports that the amount was disclosed to State House correspondents on Thursday by the Minister of Budget and Economic Planning, Atiku Bagudu, after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu in Abuja.

Bagudu also disclosed that the Council approved the Medium Term Expenditure Framework (MTEF) for 2025-2027.

He said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels.

FEC also pegged the exchange rate at N1,400 to a US dollar while the government also targets 6.4 percent Gross Domestic Product (GDP) growth.