President Bola Tinubu is set to present the 2025 budget to the National Assembly during a joint session on Wednesday.
This follows the final approval granted by the Federal Executive Council (FEC) on Monday.
Speaking after the FEC meeting, chaired by President Tinubu at the Presidential Villa, Minister of Budget and Economic Planning, Atiku Bagudu, shared key details about the budget. The total expenditure for 2025 is projected at ₦47.96 trillion, reflecting a 36.8% increase from the 2024 estimate.
The 2025 budget 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 ₦1,400 to the dollar. Projected revenue stands at ₦34.82 trillion, while the deficit is estimated at ₦13.13 trillion, representing 3.89% of the GDP. Bagudu highlighted that the administration inherited a ₦6.1 trillion deficit from the 2023 budget.
Meanwhile, there’s speculation about a possible adjustment to the presentation schedule. Minister of Information, Mohammed Idris, clarified that while Tuesday, December 17, was initially considered, discussions between the Executive and the National Assembly leadership are ongoing.
He emphasized that it is within the National Assembly’s authority to set the date for the presentation of the Appropriation Bill. Idris noted that Wednesday is now the most likely day for President Tinubu to unveil the 2025 budget.