The Federal Executive Council (FEC) has given final approval to the 2025 budget, which will be presented by President Bola Tinubu.
Addressing State House correspondents shortly after Monday’s FEC meeting, chaired by President Tinubu at the Presidential Villa, the Minister of Budget and Economic Planning, Atiku Bagudu, revealed that the total expenditure for 2025 is projected at ₦47.96 trillion, representing a 36.8% increase from the 2024 budget.
Bagudu stated that the 2025 Appropriation Bill is based on the following economic parameters:
- Oil price benchmark: $75 per barrel
- Oil production: 2.06 million barrels per day
- Exchange rate: ₦1,400 to a dollar
The projected revenue for the 2025 budget stands at ₦34.82 trillion, while the deficit is estimated at ₦13.13 trillion, accounting for 3.89% of the GDP. Bagudu noted that the Tinubu administration inherited a ₦6.1 trillion deficit from the 2023 budget.
Meanwhile, there are indications that President Bola Tinubu may not present the 2025 budget to the National Assembly on Tuesday, December 17, as earlier scheduled.
The Minister of Information, Mohammed Idris, clarified the situation while speaking to State House correspondents. He explained that the Executive and the leadership of the National Assembly (NASS) are still deliberating on a suitable date for the budget presentation.
“It is the prerogative of the National Assembly to determine the day for the presentation of the Appropriation Bill,” Idris said, adding that ongoing discussions with NASS suggest the presentation may likely take place on Wednesday instead.
President Tinubu had initially been scheduled to present the document on Tuesday.