The Federal Executive Council has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday, November 14, while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007. “The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025.

We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.