The Federal Executive Council (FEC), on Monday, approved N34,820,000,000,000 budget proposals for 2025 with President Bola Tinubu ordering some amendments after its presentation to the Council by the Budget Office.
Briefing State House correspondents after the FEC meeting at the Presidential Villa, Abuja, Senator Abubakar Bagudu, Budget and Economic Planning Minister, said that the proposal would soon be presented to the National Assembly.
“The total projected revenue for 2025 stands at N34,820,000,000,000 out of which the expenditure is projected at N47,960,000,000,000, which is an increase of 36.8 per cent from the 2024 estimate.
“The deficit for 2025 is projected at N13,140,000,000,000, representing 3.89 per cent of GDP.
“If you recall, this administration inherited 6.1 from the 2023 budget. But given the success achieved in 2024 we were still able to maintain the deficit,” said the minister.
He said that the 2025 budget framework was based on a benchmark oil price of $75 per barrel, oil production of 2.06 billion barrels per day and exchange rate of N1,400 to the dollar.
“All these are already included in the Medium Term Expenditure Framework, which have also been approved by the National Assembly,” said Bagudu.
The minister said that the 2025 budget proposal articulated the Federal Government financial plan for the 2025 fiscal year and aligned it with the Renewed Hope Agenda, the National Development Plan (2021 to 2025) and the Medium-Term Expenditure Framework (MTEF).
He said that the budget was designed to build on the advances in macro economics stability, security gains, infrastructure gains, human capital development effort and creative industries and manufacturing.
Bagudu further said that it was also designed to enhance all the measures that had been taken to expand economic activity, create consumer credit, National Agricultural Development Fund, gas, CNG initiative, housing initiative, to build economic activity.
