The Federal Executive Council (FEC) has granted final approval for the 2025 budget, which is set to be presented by President Bola Tinubu. The decision was made during an FEC meeting held on Monday at the Presidential Villa, Abuja, and chaired by the president.
Speaking to State House correspondents after the meeting, the Minister of Budget and Economic Planning, Atiku Bagudu, disclosed that the total expenditure for 2025 is projected at ₦47.96 trillion. This represents a 36.8% increase from the 2024 budget estimate.
Bagudu outlined key assumptions underpinning the 2025 Appropriation Bill, including: An oil price benchmark of $75 per barrel, Daily oil production of 2.06 million barrels, and an exchange rate of ₦1,400 to the US dollar.
The total projected revenue for the 2025 budget is estimated at ₦34.82 trillion, while the budget deficit stands at ₦13.13 trillion, or 3.89% of the Gross Domestic Product (GDP). Bagudu noted that the Tinubu administration inherited a deficit of ₦6.1 trillion from the 2023 budget.
Presentation Date Uncertain
Despite the approval, it remains unclear when President Tinubu will present the 2025 budget to the National Assembly (NASS). Initially scheduled for Tuesday, December 17, the presentation may be postponed due to ongoing consultations between the Executive arm and the NASS leadership.
The Minister of Information, Mohammed Idris, addressed the issue, stating that the presentation date is ultimately the prerogative of the National Assembly. “There is an ongoing engagement with NASS, and it is most likely that the presentation of the 2025 Appropriation Bill may now take place on Wednesday,” Idris said.
President Tinubu was originally slated to present the budget document to the legislature on Tuesday, but discussions regarding the scheduling are still ongoing.