The Federal Executive Council, FEC, has given its final approval to President Bola Tinubu’s 2025 budget.
Speaking to a State House correspondent shortly after the FEC meeting chaired by President Tinubu at the Presidential Villa on Monday, Minister of Budget and Economic Planning Atiku Bagudu stated that total 2025 expenditures are projected to be 47 trillion, nine hundred and sixty billion naira, a 36.8 per cent increase from the 2024 estimate.
He stated that the 2025 Appropriation Bill is based on an oil price benchmark of $75 per barrel, output of 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar.
Bagudu said the total projected revenue for the 2025 budget is thirty-four trillion eight hundred and twenty billion naira.
The Minister said that the deficit for the 2025 budget is projected at 13.13, representing 3.89 per cent of the GDP, noting that the Tinubu administration had inherited a deficit of 6.1 trillion naira from the 2023 budget.
Meanwhile, there are signs that President Bola Tinubu may not present the 2025 budget to the National Assembly on Tuesday, December 17, as originally anticipated.
The Minister of Information, Mohammed Idris, cleared the air on the topic when addressing State House correspondents, stating that both the executive arm and the leadership of NASS are still working on the budget presentation day.
According to him, it is up to the National Assembly to set aside a day for the presentation of the Appropriation Bill.
However, Idris stated that there is continued communication with NASS and that the presentation of the 2025 Appropriation Bill may take place on Wednesday.
President Tinubu was scheduled to give the document to NASS on Tuesday.
