The Federal Executive Council (FEC) meeting on Thursday, approved a proposed budget of N47.9 trillion for 2025.

The meeting was chaired by President Bola Tinubu.

The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed the information while briefing State House reporters on the outcome of FEC meeting.

The approval is part of the Medium Term Expenditure Framework (MTEF) for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007.

He explained that the framework, which will soon be submitted to the National Assembly as required by law for passage, projects a Gross Domestic Product (GDP) growth rate of 4.6%, an exchange rate of $75 to the Naira, and oil production of 2.06 million barrels per day.