Atiku Bagudu, the minister of budget and economic planning, stated this on Thursday, after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.

He said the council approved the medium-term expenditure framework (MTEF) for 2025-2027.

He said the government pegged the crude oil benchmark 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 per cent.