The Federal Executive Council (FEC) has granted final approval for the 2025 budget, which will be presented by President Bola Tinubu.
Following the FEC meeting chaired by President Tinubu at the Presidential Villa on Monday, Minister of Budget and Economic Planning, Atiku Bagudu, revealed that the total expenditure for the 2025 budget is projected at ₦47.96 trillion, marking a 36.8% increase from the 2024 estimate.
The budget is based on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of ₦1,400 to $1. The total projected revenue for the 2025 budget stands at ₦34.82 trillion, with a budget deficit of ₦13.13 trillion, representing 3.89% of the GDP.
The administration inherited a deficit of ₦6.1 trillion from the 2023 budget.
However, President Tinubu may not present the 2025 Appropriation Bill to the National Assembly on the previously scheduled date of Tuesday, December 17.
Minister of Information, Mohammed Idris, clarified that both the Executive and the National Assembly leadership are still in discussions regarding the date.
Idris stated that the National Assembly holds the prerogative to set the date, and it is now likely that the budget presentation will occur on Wednesday.
