The Federal Executive Council (FEC) has given final approval to the 2025 national budget, which will be presented by President Bola Tinubu.
Following the FEC meeting chaired by President Tinubu at the Presidential Villa on Monday, the Minister of Budget and Economic Planning, Atiku Bagudu, briefed State House correspondents on the key details of the budget. He disclosed that the total expenditure for 2025 is projected at ₦47.96 trillion, representing a 36.8% increase over the 2024 estimate.
Bagudu explained that the 2025 Appropriation Bill is based on key assumptions: an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of ₦1,400 to the US dollar.
The Minister further revealed that the projected revenue for the 2025 budget is ₦34.82 trillion. However, the budget is expected to run a deficit of ₦13.13 trillion, which represents 3.89% of the country’s GDP. He also highlighted that the current administration inherited a ₦6.1 trillion deficit from the 2023 budget.
In a related development, there are indications that President Tinubu may not present the 2025 budget to the National Assembly (NASS) on Tuesday, December 17, as initially planned.
Minister of Information, Mohammed Idris, clarified this point while speaking to State House correspondents. He explained that both the executive arm and the leadership of NASS are still in discussions regarding the date for the budget presentation. Idris emphasized that the scheduling of the presentation is within the prerogative of the National Assembly.
However, he noted that ongoing talks between the executive and NASS suggest that the budget presentation could be rescheduled for Wednesday, December 18.
Initially, President Tinubu had been set to present the Appropriation Bill to the National Assembly on Tuesday, December 17.
