FEC okays N47.9trn 2025 budget as Tinubu makes appearance at joint session of NASS Wednesday
The Federal Executive Council headed by President Bola Ahmed Tinubu on Monday okays N47.9 trillion 2025 fiscal budget ahead of Wednesday’s national assembly presentation.
Atiku Bagudu, the Minister of Budget and National Planning announced the approval at the end of the meeting.
He said, “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.”
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“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.
The Informant247 reports that the Nigerian President Asiwaju Bola Ahmed Tinubu has postponed the earlier presentation of the N47.9 trillion 2025 budget scheduled for Tuesday, December 17, 2024, to Wednesday, December 18, 2024.
