The Federal Executive Council (FEC) has approved Nigeria’s 2025 budget proposal, outlining an expenditure plan of ₦47.96 trillion. This represents a 36.8% increase from the 2024 estimate.
Minister of Budget and Economic Planning, Atiku Bagudu, announced the approval following a recent council meeting at the Presidential Villa in Abuja. He detailed that the 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 U.S. dollar.
The projected revenue for 2025 stands at ₦34.82 trillion, resulting in a budget deficit of ₦13.13 trillion, which equates to 3.89% of the Gross Domestic Product (GDP).
President Bola Tinubu is scheduled to present the budget proposal to the National Assembly on Wednesday, December 18, 2024. This presentation is a critical step in the budgetary process, aiming to ensure the timely implementation of the fiscal plan for the upcoming year.
The 2025 budget proposal aligns with the administration’s economic strategies, focusing on macroeconomic stability, infrastructure development, and human capital enhancement. The government anticipates that the increased expenditure will stimulate economic growth and address key sectors requiring investment.
