By Kolawole Ojebisi
As the year 2024 is winding down, the federal government has proposed N47.9 trillion as the potential total expenditure for the 2025 fiscal year.
The Minister of Budget and Economic Planning, Atiku Bagudu, revealed this to journalists on Thursday after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.
Bagudu said the council approved the medium-term expenditure framework (MTEF) for 2025-2027.
According to the minister, the government is expecting its substantial revenue from crude oil which has been benchmarked 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.
