The Federal Executive Council has approved the 2025 Budget Proposal, with an oil price benchmark set at $75 per barrel.
Minister of Budget and Economic Planning, Atiku Bagudu, announced the approval to State House correspondents after the Council’s final meeting of 2024 at the Aso Rock Villa in Abuja. He explained that the budget framework, which includes amendments recommended by President Bola Tinubu, was presented to the Council by Tanimu Yakubu, Director-General of the Budget Office.
The 2025 budget framework is based on an oil production target of 2.06 million barrels per day and an exchange rate assumption of 1 Naira to 1,400 dollars. These projections are reflected in the medium-term expenditure framework, which has already been approved by the National Assembly.
For 2025, the total projected revenue is N34.82 trillion, with a projected expenditure of N47.96 trillion, marking a 36.8% increase from the 2024 estimate. The budget deficit for 2025 is projected at N13.13 trillion, representing 3.89% of Nigeria’s GDP.
Further details will be provided later.