The Federal Executive Council (FEC) has approved a 2025 budget expenditure of N47.96 trillion, reflecting a 36.8% increase compared to the 2024 budget, News360 Nigeria reports.
The approval was granted during the Council’s final meeting of 2024, held on Monday at the State House, Abuja.
Addressing journalists after the meeting, Minister of Budget and Economic Planning, Atiku Bagudu, outlined the key economic parameters that form the foundation of the 2025 budget framework. These include an oil price benchmark of $75 per barrel, a daily oil production estimate of 2.06 million barrels, and an exchange rate projection of N1,400 to the dollar.
Bagudu revealed that projected revenue for 2025 is N34.82 trillion, leaving a budget deficit of N13.13 trillion, equivalent to 3.89% of the Gross Domestic Product (GDP). He emphasized that the budget incorporates amendments recommended by President Bola Ahmed Tinubu and presented to the Council by the Director-General of the Budget Office, Tanimu Yakubu.
“The total projected revenue for 2025 stands at N34.82 trillion, out of which expenditure is estimated at N47.96 trillion—an increase of 36.8% from the 2024 budget. The deficit for 2025 is projected at N13.13 trillion, representing 3.89% of GDP,” Bagudu said.
Meanwhile, the presentation of the 2025 Appropriation Bill to the National Assembly by President Tinubu, initially scheduled for Tuesday, may face a slight delay.
Minister of Information and National Orientation, Mohammed Idris, revealed that ongoing discussions might lead to the budget presentation being rescheduled to Wednesday. While no final decision has been reached, Idris indicated the possibility of a delay following Senate President Godswill Akpabio’s earlier announcement of a Tuesday presentation.
The FEC meeting marks a significant step toward finalizing the 2025 budget, which is expected to guide Nigeria’s economic direction in the coming year.
