President Bola Tinubu is set to present the 2025 budget to a joint session of the National Assembly on Wednesday. This follows the final approval of the budget for presentation by the Federal Executive Council (FEC) on Monday.
Speaking to State House correspondents after the FEC meeting, which was chaired by President Tinubu at the Presidential Villa, the Minister of Budget and Economic Planning, Atiku Bagudu, revealed that the total projected expenditure for the 2025 budget is ₦47.96 trillion, marking a 36.8% increase from the 2024 budget estimate.
Bagudu explained that the 2025 budget 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 ₦1,400 to $1.
The total projected revenue for the year stands at ₦34.82 trillion, while the budget deficit is projected at ₦13.13 trillion, which is 3.89% of the GDP. He also noted that the Tinubu administration inherited a deficit of ₦6.1 trillion from the 2023 budget.
Earlier, there were indications that President Tinubu may not present the budget to the National Assembly on Tuesday, December 17, as initially scheduled. Minister of Information Mohammed Idris clarified that discussions are ongoing between the Executive and the leadership of the National Assembly regarding the presentation date.
While it is the National Assembly’s prerogative to determine the date for presenting the Appropriation Bill, Idris suggested that the presentation could now take place on Wednesday.
