The Federal Executive Council (FEC) has approved a proposed budget of N47.9 trillion for the fiscal year 2025.

The Minister of Budget and Economic Planning, Atiku Bagudu made the disclosure on Thursday shortly after the meeting held at the presidential villa in Abuja.

Speaking with newsmen after the meeting, the Minister said the development marks a significant step in Nigeria’s economic planning for the next three years.

The budget forms part of the Medium Term Expenditure Framework (MTEF) for 2025 to 2027.

This aligns with the provisions of the Fiscal Responsibility Act of 2007.

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Also, this framework outlines the federal government’s financial strategy and sets economic priorities to ensure sustainable growth.

Key highlights of the proposed 2025 budget include an anticipated Gross Domestic Product (GDP) growth rate of 4.6 percent and an oil production target of 2.06 million barrels per day.

These projections emphasizes government’s commitment to leveraging both non-oil and oil sectors to drive economic recovery and stability.

In a move reflecting ongoing currency challenges, the proposed budget pegs the exchange rate at N1,400 per U.S. dollar.

This figure signals adjustments aimed at responding to market realities and fostering a more resilient economic environment.

The FEC’s approval also entails the formal submission of the budget proposal to the National Assembly, fulfilling constitutional obligations.

Minister Bagudu noted that this budget plan seeks to address critical economic needs, support development projects, and stabilize the nation’s finances.

The proposed budget comes amid efforts to enhance fiscal discipline and stimulate growth, as Nigeria navigates economic challenges that include fluctuating oil prices and exchange rate volatility.

The upcoming review and deliberations by the National Assembly will determine the final structure of the 2025 budget.