The Federal Executive Council has approved Nigeria’s 2025 budget, valued at 47.9 trillion naira, ahead of its presentation to the National Assembly by President Bola Tinubu.
Speaking after the FEC meeting held at the Presidential Villa in Abuja on Monday, Minister of Budget and Economic Planning, Atiku Bagudu, explained that the 2025 budget represents a 36.8% increase compared to the 2024 budget.
Bagudu revealed that the budget is based on an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, and an exchange rate of N1,400 to a dollar. The total projected revenue for the 2025 budget is 34.82 trillion naira, while the budget deficit is estimated at 13.13 trillion naira, representing 3.89% of Nigeria’s Gross Domestic Product.
Bagudu also pointed out, “The current administration inherited a budget deficit of 6.1 trillion naira from the 2023 budget. This new plan aims to strike a balance between boosting revenue and reducing deficit spending.”
The 2025 budget presentation, initially scheduled for Tuesday, December 17, may be delayed. Minister of Information, Mohammed Idris, clarified that discussions between the Executive arm and the National Assembly are ongoing to finalize a suitable date.
“It is the National Assembly’s prerogative to decide the day for the presentation of the Appropriation Bill. Engagements are still ongoing, and the date is likely to shift to Wednesday,” Idris explained.
President Bola Tinubu, who chaired the FEC meeting, is expected to officially present the budget to the National Assembly once a final date is confirmed.
