The Federal Executive Council (FEC), presided over by President Bola Tinubu, has approved the 2025 Budget Proposal during its final meeting of the year at Aso Rock Villa, Abuja.
Addressing journalists, the Minister of Budget and Economic Planning, Atiku Bagudu, shared key highlights of the proposal. He stated:
“The 2025 framework 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 the dollar.”
The budget framework projects total revenue of N34.82 trillion and total expenditure of N47.96 trillion, marking a 36.8% increase from the 2024 estimates. The projected deficit stands at N13.13 trillion, equivalent to 3.89% of GDP.
Bagudu noted that these estimates align with the Medium-Term Expenditure Framework (MTEF) approved by the National Assembly.
The Director-General of the Budget Office, Tanimu Yakubu, led the presentation of the proposal, which included amendments directed by President Tinubu during the Council’s deliberations.
The 2025 budget reflects the administration’s priorities for economic stability and growth as Nigeria navigates shifting global and domestic challenges.
Details to follow as they emerge.
