The Federal Executive Council (FEC) has approved a proposed budget of N47.9 trillion for 2025, as disclosed by Atiku Bagudu, Minister of Budget and Economic Planning on Thursday.

This budget is part of the Medium Term Expenditures Framework (MTEF) for 2025 to 2027, which aligns with the Fiscal Responsibility Act of 2007.

The FEC also approved the submission of this proposal to the National Assembly, as required by law.

The proposed budget projects a Gross Domestic Product (GDP) growth rate of 4.6 percent and oil production of 2.06 million barrels per day.

The budget minister said the exchange rate was pegged at N1,400 per dollar.

The meeting was presided over by President Bola Tinubu.