President Bola Tinubu has presided over the Federal Executive Council (FEC) meeting where the final approval for the 2025 budget was given.
Minister of Budget and Economic Planning, Atiku Bagudu, shared details of the budget, revealing that the total expenditure for 2025 is projected at ₦47.96 trillion, which represents a 36.8% increase from the 2024 estimate.
The budget 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 ₦1,400 to the dollar.
The total projected revenue for the 2025 budget is ₦34.82 trillion, with a projected deficit of ₦13.13 trillion (3.89% of GDP).
However, it appears that President Tinubu may not present the 2025 budget to the National Assembly on the originally scheduled date of December 17, 2024.
Minister of Information, Mohammed Idris, clarified that ongoing engagements between the Executive arm and the leadership of the National Assembly (NASS) might result in the presentation being moved to Wednesday, December 18, 2024.
