By Our Reporter
The Federal Executive Council (FEC) has approved a N47.96 trillion expenditure plan for the 2025 budget, representing a 36.8% increase compared to the 2024 budget estimate.
This decision was made during the Council’s final meeting of 2024, held on Monday in the Council Chambers of the State House, Abuja.
In a briefing to State House Correspondents, the Minister of Budget and Economic Planning, Atiku Bagudu, outlined that the 2025 budget framework is based on key economic assumptions, 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 projected revenue for 2025 is N34.82 trillion, leaving a deficit of N13.13 trillion, which is 3.89% of the GDP.
Bagudu further explained that the budget proposal, presented by the Director-General of the Budget Office, Tanimu Yakubu, includes amendments as directed by President Bola Tinubu.
“Today, the Federal Executive Council approved the 2025 budget proposals with amendments as directed by the President following a presentation by the Director-General of the Budget Office, Tanimu Yakubu,” Bagudu said.
“The 2025 framework includes 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 projections are part of the medium-term expenditure framework, which has already been approved by the National Assembly,” he added.
The proposed total revenue for 2025 is N34.82 trillion, with a projected expenditure of N47.96 trillion— a 36.8% increase from 2024. The projected deficit stands at N13.13 trillion, which represents 3.89% of the GDP.
In related developments, President Tinubu’s presentation of the 2025 Appropriation Bill to the National Assembly, initially scheduled for Tuesday, may be postponed. Minister of Information and National Orientation, Mohammed Idris, confirmed that discussions are ongoing, and there is a possibility the budget will be presented on Wednesday instead, as opposed to the previously announced Tuesday date by Senate President Godswill Akpabio.