The Federal Executive Council has approved the N47.9 trillion 2025 budget, paving the way for its formal presentation to the National Assembly by President Bola Tinubu.
Addressing journalists after Monday’s council meeting, chaired by the President at the State House, Minister of Budget and Economic Planning, Atiku Bagudu, said that the proposed budget represents a 36.8% increase on the 2024 figure.
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Key assumptions underpinning the 2025 budget include an oil price benchmark of $75 per barrel, a projected production output of 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar.
The minister stated that total projected revenue for the fiscal year stands at N34.82 trillion. However, the budget includes a deficit of N13.13 trillion, equivalent to 3.89% of GDP. Mr Bagudu also noted that the administration inherited a deficit of N6.1 trillion from the 2023 budget.
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