The Federal Executive Council has given final approval to the 2025 budget to be presented by President Bola Tinubu.
Speaking to journalists shortly after the FEC meeting on Monday, the Minister of Budget and Economic Planning, Atiku Bagudu said the total 2025 expenditure is projected at N47.960 trillion (forty-seven trillion, nine hundred and sixty billion naira), which is an increase of 36.8 per cent from the 2024 estimate.
He said the 2025 Appropriation Bill is pegged on an Oil price benchmark of 75 dollar per barrel, oil production of 2.06 million barrels per day and exchange rate of N1,400 to a dollar.
Bagudu said the total projected revenue for 2025 budget stands at N34.820 trillion (thirty-four trillion, eight hundred and twenty billion naira).
The Minister said that the deficit for the 2025 budget is projected at 13.13 representing 3.89 per cent of the GDP, noting that the Tinubu administration had inherited a deficit of N6.1 trillion from the 2023 budget.