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The Federal Executive Council, FEC, on Thursday, approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this while briefing State House journalists after the FEC meeting presided over by President Bola Tinubu on Thursday.
This was part of the Medium Term Expenditures Framework (MTEF) for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.
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Accordingly, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.
The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, a crude oil price of $75, and oil production of 2.06 million barrels per day.
Recall that President Bola Ahmed assented to the N28.7 trillion 2024 budget, followed by the N6.2 trillion supplementary budget.
In other news, the Edo State Governor, Monday Okpebholo, has ordered the immediate freezing of all state-owned accounts in commercial banks until further notice.
The Eastern Updates reports that the Governor also reversed the Ministry of Roads and Bridges to the initial Ministry of Works.
A statement by Fred Itua, the Chief Press Secretary to the Governor, made available to newsmen on Thursday in Benin City, however, warned commercial banks, heads of Ministries, Departments and Agencies (MDAs) to immediately comply with the order without any delays.
Okpebholo also warned that anyone, including heads of MDAs and civil servants, who flouted the order would be severely punished.
According to him, all bank accounts in all the commercial banks have been frozen. Commercial banks must comply with the order and ensure that not a dime is taken out of the coffers of the government until further notice.
