The Federal Executive Council (FEC), yesterday, approved N47.86 trillion budget proposal for the 2025 fiscal year.
The minister of budget and economic planning, Mr Atiku Bagudu, disclosed this to newsmen after the federal executive council meeting held in Abuja yesterday.
He said the 2025 budget framework was based on oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day and exchange rate of N1, 400 to a dollar.
“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.
“Earlier, the medium term expenditure framework and fiscal strategy paper was designed to build on the advances in macro economics stability, security gains, infrastructure gains, human capital development effort and creative industries, manufacturing and all the measures that have been taken to expand economic activity, create consumer credit, national agricultural development fund, gas, CNG initiative, housing initiative.
“All of them intended to build economic activity and the successes noted in 2024. The 2025 framework is based on a benchmark oil price benchmark of 75 dollar per barrel, oil production of 2.06 million barrels per day and the exchange rate of 1400 naira.
“All these are already included in the medium term expenditure framework of which we have presented here, which have also been approved by the National Assembly.
“So, the total projected revenue for 2025 stands at N34,820 trillion out of which the expenditure is projected at N47,960 trillion, which is an increase of 36.8% from the 2024 estimate, the deficit for 2025 is projected at N13.13 trillion representing 3.89% of GDP.
“If you recall, this administration inherited N6.1 trillion deficit from the 2023 budget. But given the success achieved in 2024, we were still able to maintain the deficit,” he said.
