The Federal Executive Council (FEC) has granted final approval for the 2025 budget, set to be presented by President Bola Tinubu.
Addressing State House correspondents after Monday’s FEC meeting, chaired by President Tinubu at the Presidential Villa, the Minister of Budget and Economic Planning, Atiku Bagudu, revealed that the total projected expenditure for 2025 stands at ₦47.96 trillion, marking a 36.8% increase from the 2024 budget.
Bagudu stated that the 2025 Appropriation Bill is based on an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, and an exchange rate of ₦1,400 to $1.
Projected revenue for the 2025 budget is estimated at ₦34.82 trillion, with a deficit of ₦13.13 trillion, equivalent to 3.89% of GDP. Bagudu highlighted that the Tinubu administration inherited a budget deficit of ₦6.1 trillion from the 2023 budget.
Meanwhile, there are indications that the budget presentation, initially scheduled for Tuesday, 17 December, may be postponed.
The Minister of Information, Mohammed Idris, clarified that discussions between the Executive and the National Assembly (NASS) are ongoing to finalise a presentation date. Idris noted that the prerogative for setting the date rests with NASS and suggested that the presentation may take place on Wednesday instead.