 has given its approval to the proposed 2025 budget following a meeting){kind=link}
The Federal Executive Council (FEC) has given its approval to the proposed 2025 budget following a meeting chaired by President Bola Tinubu at the Presidential Villa in Abuja.
Briefing journalists after the session, Minister of Budget and Economic Planning Atiku Bagudu revealed that the budget framework was developed using an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of N1,400 to a dollar.
Bagudu explained that the 2025 fiscal plan aligns with the government’s ongoing “renewed hope” agenda and the National Development Plan (2021-2025).
He highlighted its focus on strengthening macroeconomic stability, improving infrastructure, enhancing human capital, and supporting key sectors like agriculture, manufacturing, and creative industries.
According to the minister, the total projected revenue for 2025 stands at N34.82 trillion, while expenditures are expected to reach N47.96 trillion, marking a 36.8% increase from the 2024 estimates.
The resulting budget deficit is forecasted at N13.13 trillion, or 3.89% of the country’s GDP.
Bagudu also noted that despite inheriting a N6.1 trillion deficit from the 2023 budget, the current administration has managed to maintain fiscal stability.
Adjustments to the proposal were made based on feedback from FEC members, as directed by the President.
Meanwhile, Minister of Information and National Orientation Mohammed Idris clarified the shift in the budget’s presentation to the National Assembly.
Initially scheduled for Tuesday, it was postponed to Wednesday due to ongoing consultations between the executive and legislative arms to finalize an appropriate date.
Idris assured that the presentation would proceed as planned.