The Federal Executive Council, FEC, has granted final approval for President Bola Tinubu to present the 2025 budget.
Tinubu is scheduled to present the budget to a joint session of the National Assembly on Wednesday, December 18.
Following the FEC meeting chaired by the President at the Presidential Villa on Monday, December 16, the Minister of Budget and Economic Planning, Atiku Bagudu, announced that the total projected expenditure for 2025 is N47.9 trillion, reflecting a 36.8 percent increase from the 2024 estimate.
Bagudu explained that the 2025 Appropriation Bill is based on an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar.
The total projected revenue for the 2025 budget is estimated at N34.8 trillion.
He also noted that the budget deficit for 2025 is expected to be N13.13 trillion, representing 3.89 percent of the GDP. This comes after the Tinubu administration inherited a N6.1 trillion deficit from the 2023 budget.
Originally, President Tinubu was set to present the budget to the National Assembly on Tuesday.
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