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The Federal Executive Council has granted its final approval to the 2025 budget, which will soon be presented by President Bola Tinubu. This is an important step in the fiscal planning process for the upcoming year, with expectations high for the proposed budget’s focus on national development.
In his briefing to State House correspondents after the FEC meeting led by President Tinubu on Monday, Atiku Bagudu, the Minister of Budget and Economic Planning, disclosed that the 2025 budget will allocate a total expenditure of forty-seven trillion, nine hundred and sixty billion naira, reflecting a notable 36.8 percent increase from the previous year’s estimate.
He further explained that the 2025 Appropriation Bill is based on an oil price benchmark of $75 per barrel, with oil production expected to reach 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar, providing a framework for the nation’s fiscal strategy.
He also stated that the total projected revenue for the 2025 budget stands at thirty-four trillion, eight hundred and twenty billion naira, a key figure that will help shape the government’s spending and development plans for the year ahead.
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The Minister outlined that the projected deficit for the 2025 budget is 13.13 trillion naira, equating to 3.89 percent of the GDP. He also emphasized that the Tinubu administration took office with a 6.1 trillion naira deficit from the 2023 budget, a challenge that the government continues to tackle.
Meanwhile, there are indications 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, who cleared the air on the issue while speaking to State House Correspondents said both the Executive arm and the leadership of NASS are still engaging on the day for presentation of the budget.
According to him, it is the prerogative of the National Assembly to give day for presentation of Appropriation Bill.
However, Idris noted that there is an ongoing engagement with NASS and that it is most possible the date for the presentation of the 2025 Appropriation Bill may be Wednesday.
President Tinubu was initially billed to present the document to NASS on Tuesday.
