The Federal Executive Council (FEC) approved a suggested budget of N47.9 trillion for the 2025 fiscal year on Thursday.
This represents a 35 percent increase over the 2024 total budget, which stood at N35.5 trillion. The 2025 budget indicates that the federal government plans to run an expansionary budget to lift millions of Nigerians out of poverty.
Atiku Bagudu, Minister of Budget and Economic Planning, revealed this while briefing State House journalists after the Federal Executive Council (FEC) meeting led by President Bola Tinubu on Thursday.
‘’The Medium Term Expenditures Framework (MTEF) for 2025 to 2027 and in compliance with the Fiscal Responsibility Act (FRA) of 2007,”Bagudu said.
He also disclosed that FEC approved the submission of the MTEF to the National Assembly within the next few days, as required by the 2007 FRA.
To achieve the projected revenue, the federal government has estimated oil revenue at N7.68 trillion, with government-owned enterprises responsible for contributing N4.07 trillion.
