The Federal Executive Council (FEC) has approved the N47.9 trillion budget for 2025, marking a significant step in Nigeria’s fiscal planning. The budget, which reflects a 36.8% increase from the previous year, will be presented by President Bola Tinubu to the National Assembly.
Minister of Budget and Economic Planning, Atiku Bagudu, shared details of the budget after the FEC meeting at the Presidential Villa in Abuja. The total projected revenue for the 2025 budget stands at N34.82 trillion, with key assumptions including an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar.
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The budget’s deficit is projected at N13.13 trillion, about 3.89% of the country’s GDP. This marks a significant reduction from the N6.1 trillion deficit carried over from 2023.
Although the budget was initially scheduled to be presented on December 17, 2024, the Minister of Information, Mohammed Idris, revealed that the date may be adjusted following ongoing discussions between the Executive and the National Assembly. The new presentation date is expected to be December 18, 2024.
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