The Federal Executive Council has approved the appropriation bill for 2025, with an estimated total of N47.9 trillion authorized. Additionally, the council plans to borrow approximately N13.8 trillion to support this budget. Lawmakers can expect to receive the appropriation bill starting today, November 15, 2024, for further consideration.
Furthermore, the FEC has approved the Medium-Term Expenditure Framework (MTEF) for the years 2025-2027, in line with the Fiscal Responsibility Act of 2007. After the FEC meeting, Budget and Economic Planning Minister Atiku Bagudu provided details to the press, stating that the parameters for the 2025-2027 Medium-Term Fiscal Framework include an oil price benchmark of $75 per barrel for 2025, anticipated oil production of 2.06 million barrels per day, an exchange rate of N1400 to $1, and a projected GDP growth rate of 4.6%. He also noted that the Nigerian economy is demonstrating resilience, with a recorded growth rate of 3.19% in the second quarter of 2024. Efforts will continue to address inflation and stabilize the economy throughout 2025.
