FEC Approves N47.9trn 2025 Budget

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Monday, December 16th, 2024

(AFRICAN EXAMINER) – The Federal Executive Council has given final approval to the 2025 budget to be presented by President Bola Tinubu.

Speaking to State House correspondent shortly after the FEC meeting chaired by President Tinubu at the Presidential Villa on Monday, the Minister of Budget and Economic Planning, Atiku Bagudu said the total 2025 expenditure is projected at forty-seven trillion, nine hundred and sixty billion naira which is an increase of 36.8 percent from the 2024 estimate.

He said the 2025 Appropriation Bill is pegged on an Oil price benchmark of 75 dollar per barrel, oil production of 2.06 million barrels per day and exchange rate of N1,400 to a dollar.

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 the presentation of the 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.