The Federal Executive Council (FEC) has approved a groundbreaking N47.96 trillion expenditure plan for the 2025 budget, reflecting a significant 36.8% increase from the previous year. This decision was reached during the final FEC meeting of 2024, held on Monday at the State House in Abuja. The framework sets ambitious targets for revenue generation and economic growth, despite a projected deficit of N13.13 trillion.
Minister of Budget and Economic Planning, Atiku Bagudu, revealed that the budget framework relies on an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, and an exchange rate of N1,400 to the dollar. The proposed revenue stands at N34.82 trillion, leaving a deficit representing 3.89% of the GDP. Bagudu described the framework as part of a strategic medium-term expenditure plan approved by the National Assembly.
The budget also incorporates amendments recommended by President Bola Tinubu. According to Bagudu, the Director-General of the Budget Office, Tanimu Yakubu, presented the updated proposals to the Council, ensuring alignment with the administration’s economic goals. The increase in expenditure underscores the government’s commitment to addressing critical national challenges through expanded fiscal measures.
Meanwhile, there are indications that the formal presentation of the 2025 Appropriation Bill to the National Assembly may be rescheduled. Minister of Information and National Orientation, Mohammed Idris, hinted at the possibility of moving the presentation from Tuesday to Wednesday. Ongoing discussions are yet to finalize the change, which would adjust the timeline announced by Senate President Godswill Akpabio last week.
