The Federal Executive Council (FEC) has approved a 2025 budget expenditure of N47.96 trillion, marking a 36.8% increase from the 2024 budget.
This decision was made during the Council’s final meeting of 2024, held on Monday at the State House, Abuja.
After the meeting, Minister of Budget and Economic Planning Atiku Bagudu outlined the key economic parameters for the 2025 budget, including an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, and an exchange rate of N1,400 to the dollar.
The proposed revenue for the year is N34.82 trillion, resulting in a budget deficit of N13.13 trillion, or 3.89% of the GDP. Bagudu mentioned that the budget incorporates amendments recommended by President Bola Ahmed Tinubu, presented by Budget Office Director-General Tanimu Yakubu.
“The 2025 framework 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 N1,400 to the dollar. These figures are included in the medium-term expenditure framework, which has been approved by the National Assembly,” Bagudu said.
The total projected revenue for 2025 is N34.82 trillion, with an expenditure of N47.96 trillion, reflecting a 36.8% increase from the 2024 estimate. The projected deficit for 2025 is N13.13 trillion, or 3.89% of GDP.
Meanwhile, the presentation of the 2025 Appropriation Bill to the National Assembly by President Tinubu, initially scheduled for Tuesday, may be postponed to Wednesday. Minister of Information and National Orientation, Mohammed Idris, confirmed that discussions were ongoing, and the budget presentation might occur on Wednesday instead. The President of the Senate, Senator Godswill Akpabio, had earlier announced that the budget would be presented on Tuesday.
