The Federal Executive Council (FEC) has granted final approval for the 2025 Appropriation Bill, which will be presented to the National Assembly by President Bola Tinubu.
Addressing State House correspondents shortly after the FEC meeting on Monday, chaired by President Tinubu at the Presidential Villa, the Minister of Budget and Economic Planning, Atiku Bagudu, revealed that the total expenditure for the 2025 budget is projected at N47.96 trillion.
This marks a 36.8% increase from the 2024 estimate.
Minister Bagudu stated that the 2025 budget is based on an oil price benchmark of $75 per barrel, with an expected oil production of 2.06 million barrels per day and an exchange rate of N1,400 to a dollar.
The projected total revenue for 2025 stands at N34.82 trillion, leaving a deficit of N13.13 trillion, which accounts for 3.89% of the GDP.
The Minister further noted that the Tinubu administration inherited a N6.1 trillion deficit from the 2023 budget.
Meanwhile, there are indications that President Tinubu’s presentation of the 2025 budget to the National Assembly may not take place on Tuesday, December 17, as earlier scheduled.
Clarifying the matter, Minister of Information Mohammed Idris told journalists that discussions between the Executive and the leadership of the National Assembly are ongoing to finalize a new date.
“It is the prerogative of the National Assembly to decide the day for the presentation of the Appropriation Bill. However, engagements are ongoing, and there is a high possibility the budget will be presented on Wednesday,” Idris said.
President Tinubu was initially scheduled to present the 2025 Appropriation Bill to the National Assembly on Tuesday, December 17.
