National Telescope national telescope newspaper
By Ekpenyong Emmanuel
The Federal Executive Council (FEC) has approved the 2025 budget proposal, with a total expenditure projected at N47.96 trillion.
The Minister of Budget and Economic Planning, Senator Atiku Bagudu, revealed this during a briefing with State House correspondents after the council meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
According to the minister, the 2025 fiscal framework is based on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of N1,400 to a dollar.
He stated, “Today (yesterday), the Federal Executive Council approved the budget proposals for 2025 with amendments which Mr. President directed following a presentation to the Federal Executive Council led by the Director General of the Budget Office, Tanimu Yakubu.
“The 2025 budget proposal articulates the federal government’s financial plan for the 2025 fiscal year and aligns with the Renewed Hope Agenda and the National Development Plan, 2021–2025.”
Bagudu explained that the framework builds on gains in macroeconomic stability, security, infrastructure, human capital development, creative industries, and economic expansion initiatives. These include consumer credit, the National Agricultural Development Fund, gas and CNG projects, and housing initiatives, among others.
He added that the total projected revenue for 2025 is N34.82 trillion, while the deficit is expected to reach N13.13 trillion, representing 3.89% of GDP. This marks a 36.8% increase in expenditure compared to the 2024 estimate.
