The government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels.
By Saidu Idris
365Daily – The Federal Government has proposed the sum of N47.9 trillion as budget proposal for the 2025 fiscal year.
This was disclosed by the Minister of Budget and Economic Planning, Atiku Bagudu, while speaking to State House correspondents on Thursday, November 14, 2024, in Abuja.
Bagudu, who spoke after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu, also disclosed that the Council approved the Medium Term Expenditure Framework (MTEF) for 2025-2027.
Giving details of the proposal, he stated that the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels.
He further said FEC also pegged the exchange rate at N1,400 to a US dollar while the government also targets 6.4 percent Gross Domestic Product (GDP) growth.