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The Federal Executive Council has approved a budget of N47.9 trillion for 2025.
The approval was announced on Monday by the Minister of Budget and National Planning, Atiku Bagudu, at the end of the FEC meeting presided over by President Bola Tinubu.
“The 2025 framework is based on a benchmark oil price benchmark of $75 per barrel, oil production of 2.06 billion barrels per day and the exchange rate of N1,400. All these are already included in the Medium Term of which we have presented here, which have also been approved by the National Assembly,” the minister said.
“So the total projected revenue for 2025 stands at N34.82 trillion out of which the expenditure is projected at N47.96 trillion, which is an increase of 36.8 per cent from the 2024 estimate.
“The deficit for 2025 is projected at N13.13 trillion, representing 3.89 per cent of GP. If you recall, this administration inherited 6.1 (per cent) from the 2023 budget. But given the success achieved in 2024, we were still able to maintain the deficit.”
The FEC-approved budget will now be sent to the National Assembly for review and approval.
Details later…
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