The Federal Executive Council (FEC), on Monday, approved the 2025 Budget Proposal during its final meeting of the year at the Aso Rock Villa, Abuja.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to journalists, revealing key fiscal parameters and projections for the upcoming fiscal year.
Bagudu stated, “Today, the Federal Executive Council approved the budget proposals for 2025 with amendments as directed by Mr. President, following a presentation led by the Director-General of the Budget Office, Tanimu Yakubu.”
He added, “The 2025 framework 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 N1,400 to the dollar.
These parameters are already included in the Medium-Term Expenditure Framework approved by the National Assembly.”
According to the Minister, the total projected revenue for 2025 is pegged at “N34.82 trillion”, while expenditure is estimated at “N47.96 trillion”, marking a 36.8% increase from the 2024 budget.
The deficit is projected at “N13.13 trillion”, representing “3.89% of GDP”.
Details to follow…
