The Federal Executive Council (FEC) has approved a proposed budget estimate of N47.9 trillion for the 2025 fiscal year. Minister of Budget and Economic Planning, Atiku Bagudu, made the disclosure while briefing State House correspondents after the day’s meeting on Thursday.
Bagudu noted that 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.
Minister of finance, wale Edun in his own remark told journalists that the ministry of finance also got approval for a Ministry of Finance incorporated real estate investment fund. He said the fund is the basis for the revival and the return of long term mortgage financing to the Nigerian economy.
The MOFI Real Estate Investment Fund will be in the first instance, a 250 billion naira fund that will provide low cost, long term mortgages to Nigerians that want to acquire houses.
He said the fund will help to complete and Fill part of the gaping 22 million unit housing deficit in the country, create jobs, stimulate economic growth, and pave the way for other investors, private sector, to also come in and participate in the all important housing construction industry with huge benefits.
