Kehinde Fajobi
The Federal Executive Council (FEC) has approved the 2025 budget, with President Bola Tinubu expected to present it to the National Assembly soon.
Speaking to journalists after Monday’s FEC meeting at the Presidential Villa, the Minister of Budget and Economic Planning, Atiku Bagudu, revealed that the 2025 budget is projected at ₦47.96 trillion.
This marks a 36.8% increase from the 2024 estimate.
Bagudu said the budget is based on an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, and an exchange rate of ₦1,400 to a dollar.
The projected revenue stands at ₦34.82 trillion, while the deficit is pegged at ₦13.13 trillion, representing 3.89% of the GDP.
He noted, “The Tinubu administration inherited a deficit of ₦6.1 trillion from the 2023 budget.”
Meanwhile, the Minister of Information, Mohammed Idris, clarified that the presentation of the budget to the National Assembly, initially set for Tuesday, December 17, might be rescheduled.
Idris said, “It is the prerogative of the National Assembly to fix the date for the presentation of the Appropriation Bill. There is ongoing engagement, and it is likely that the presentation may happen on Wednesday.”
Further updates on the budget presentation are awaited as consultations between the Executive and legislative arms continue.