By Jemimah Wellington, JKNewsMedia Reporter
NIGERIA’s FEDERAL Executive Council (FEC) has approved a landmark N47.96 trillion 2025 budget, marking a 36.8% increase from the N27.9 trillion 2024 estimate.
The approval was announced on Monday by the Minister of Budget and Economic Planning, Atiku Bagudu, after the year’s final cabinet meeting presided over by President Bola Tinubu at the Presidential Villa in Abuja.
Bagudu revealed that the 2025 fiscal framework is anchored on critical economic projections, including an oil price benchmark of $75 per barrel, daily crude oil production of 2.06 million barrels, and an exchange rate of ₦1,400 to the US dollar.
The budget also projects total revenue of N34.82 trillion against an expenditure of N47.96 trillion, resulting in a N13.13 trillion deficit, representing 3.89% of the country’s GDP.
“This budget aligns with the Renewed Hope Agenda and the National Development Plan, 2021–2025. It builds on the successes of 2024, leveraging gains in macroeconomic stability, infrastructure, human capital development, and initiatives in agriculture, gas, and housing,” Bagudu explained.
The proposal includes measures aimed at driving economic activity, expanding consumer credit, and strengthening key sectors like manufacturing and creative industries.
Bagudu highlighted that adjustments were made following input from FEC members, with President Tinubu directing consequential amendments to fine-tune the figures.
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The presentation of the budget to the National Assembly, initially scheduled for December 17, was postponed to December 18 to accommodate consultations between the executive and legislative arms.
Minister of Information and National Orientation, Mohammed Idris, clarified that this process ensures alignment on a suitable time and date for the exercise.
Despite concerns about the slim possibility of passing the budget before the year ends, Idris assured Nigerians that constitutional provisions would ensure the smooth running of government activities, even in the absence of immediate legislative approval.
The 2025 budget reflects the administration’s commitment to tackling inherited challenges, including a N6.1 trillion deficit from the 2023 fiscal year, while building on the achievements of its first year in office.