By Emmanuel Kwada

In a significant move aimed at fostering economic stability and growth, the Federal Executive Council (FEC) has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year. The announcement was made by the Minister of Budget and Economic Planning, Atiku Bagudu, following a briefing with State House correspondents after the council’s meeting, which was presided over by President Bola Tinubu.

The approved budget forms part of the nation’s Medium-Term Expenditure Framework (MTEF) covering the period from 2025 to 2027. This proposal aligns with the provisions of the Fiscal Responsibility Act of 2007, emphasizing transparency and accountability in public finances.

During the FEC meeting, it was confirmed that the budget will be submitted to the National Assembly, adhering to the legislative requirements set forth in the Fiscal Responsibility Act. The anticipated framework underscores a projected gross domestic product (GDP) growth rate of 4.6%, alongside a forecasted exchange rate of $75 to the naira and an expected oil production level of 2.06 million barrels per day.

Details regarding specific sectors to be funded under the new budget remain forthcoming, with expectations that the allocations will prioritize infrastructure development, healthcare, education, and economic diversification strategies.

As the government prepares to navigate the legislative process, observers will be keenly watching the discussions and evaluations that may shape the final budgetary allocations. The outcomes of these deliberations could have far-reaching impacts on Nigeria’s economic direction and overall fiscal health.

More updates on the national budget and its implications for the 2025 fiscal year are forthcoming.