The Federal Executive Council (FEC) has given its final approval to the 2025 budget, which President Bola Ahmed Tinubu is expected to present to the National Assembly.
Speaking after the FEC meeting chaired by President Tinubu at the Presidential Villa, the Minister of Budget and Economic Planning, Atiku Bagudu, revealed key details of the budget. The total expenditure for 2025 budget is projected at ₦47.96 trillion, representing a 36.8% increase from the 2024 estimate.
Key Budget Projections
- Oil Price Benchmark: $75 per barrel
- Oil Production Target: 2.06 million barrels per day
- Exchange Rate: ₦1,400 to $1
- Total Projected Revenue: ₦34.82 trillion
- Budget Deficit: ₦13.13 trillion (3.89% of GDP)
Bagudu noted that the Tinubu administration inherited a deficit of ₦6.1 trillion from the 2023 budget.
Although the presentation of the 2025 Appropriation Bill to the National Assembly was initially scheduled for Tuesday, December 17, there may be a delay. According to the Minister of Information, Mohammed Idris, ongoing discussions between the Executive arm and the National Assembly leadership suggest that the presentation might take place on Wednesday.
Idris emphasized that the National Assembly has the prerogative to set the date for the presentation of the Appropriation Bill, and both parties are engaged to finalize the timing.
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