The Federal Executive Council (FEC) has granted final approval for the 2025 budget, which is set to be presented by President Bola Tinubu.
Following the FEC meeting led by President Tinubu at the Presidential Villa on Monday, the Minister of Budget and Economic Planning, Atiku Bagudu, informed State House correspondents that the total expenditure for 2025 is estimated at forty-seven trillion, nine hundred and sixty billion naira, reflecting a 36.8 percent increase from the 2024 projection.
He indicated that the 2025 Appropriation Bill is based on an oil price benchmark of 75 dollars per barrel, an oil production target of 2.06 million barrels per day, and an exchange rate of N1,400 to one dollar.
Bagudu further stated that the anticipated revenue for the 2025 budget is thirty-four trillion, eight hundred and twenty billion naira.
The Minister also mentioned that the budget deficit for 2025 is projected at 13.13, which corresponds to 3.89 percent of the GDP, highlighting that the Tinubu administration has inherited a deficit of 6.1 trillion naira from the 2023 budget.
In related news, there are indications that President Bola Tinubu may not present the 2025 budget to the National Assembly on the previously scheduled date of Tuesday, December 17.
The Minister of Information, Mohammed Idris, addressed this matter while speaking to State House correspondents, stating that both the Executive branch and the leadership of the National Assembly are still in discussions regarding the presentation date for the budget.
He emphasized that it is ultimately the responsibility of the National Assembly to determine the date for the presentation of the Appropriation Bill.
However, Idris noted that ongoing discussions with the National Assembly suggest that it is likely the presentation of the 2025 Appropriation Bill may occur on Wednesday instead.
President Tinubu was originally expected to present the document to the National Assembly on Tuesday.
