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, presided over by President Tinubu at the Presidential Villa today, the Minister of Budget and Economic Planning, Atiku Bagudu, briefed State House correspondents.
He disclosed that the total projected expenditure for 2025 is ₦47.96 trillion, reflecting a 36.8% increase compared to the 2024 budget estimate.
Bagudu stated that the 2025 Appropriation Bill is based on an oil price benchmark of $75 per barrel, a daily oil production target of 2.06 million barrels, and an exchange rate of ₦1,400 to the dollar. He further revealed that total revenue for the 2025 budget is estimated at ₦34.82 trillion.
The Minister also highlighted a projected budget deficit of ₦13.13 trillion, representing 3.89% of GDP, noting that the Tinubu administration inherited a ₦6.1 trillion deficit from the 2023 budget.
Meanwhile, it appears that President Tinubu may not present the 2025 budget to the National Assembly (NASS) tomorrow as initially scheduled.
The Minister of Information, Mohammed Idris, clarified the situation during a press briefing, explaining that discussions between the Executive and NASS leadership are ongoing to determine a suitable date for the budget presentation. He emphasized that the National Assembly holds the authority to decide the presentation date.
Idris indicated that ongoing consultations make it likely that the 2025 Appropriation Bill will be presented on Wednesday instead of tomorrow (Tuesday).
