By Damilare Adeleye
The federal government has proposed N47.9 trillion as the total expenditure in the 2025 budget.
Atiku Bagudu, the Minister of Budget and Economic Planning, told journalists on Thursday after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.
The approval is part of the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007.
He said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day (bpd).
The budget minister said the exchange rate was pegged at N1,400 per dollar, noting that the government is targeting a gross domestic product (GDP) growth rate of 6.4 percent.
The framework, which is expected to be submitted to the National Assembly as required by law, either on Friday or Monday, projects a Gross Domestic Product (GDP) growth rate of 4.6%.