FEC APPROVES N47.9TRN 2025 BUDGET
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The 2025 budget, which President Bola Tinubu will propose, has received final clearance from the Federal Executive Council.
Shortly after President Tinubu’s FEC meeting at the Presidential Villa on Monday, Minister of Budget and Economic Planning Atiku Bagudu told a State House correspondent that the total amount of spending in 2025 is expected to reach 47 trillion, 916 billion naira, a 36.8% increase over the 2024 estimate.
According to him, the benchmark oil price of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar are the basis for the 2025 Appropriations Bill.
Bagudu said the total projected revenue for 2025 budget stands at 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 indications President Bola Tinubu may not present the 2025 budget to the National Assembly on Tuesday December 17 as earlier scheduled.
The Minister of Information, Mohammed Idris, who cleared the air on the issue while speaking to State House Correspondents said both the Executive arm and the leadership of NASS are still engaging on the day for presentation of the budget.
According to him, it is the prerogative of the National Assembly to give day for presentation of Appropriation Bill.
However, Idris noted that there is an ongoing engagement with NASS and that it is most possible the date for the presentation of the 2025 Appropriation Bill may be Wednesday.
President Tinubu was initially billed to present the document to NASS on Tuesday.
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