The Federal Executive Council has approved the proposed 2025 national budget during its final meeting of the year at the Aso Rock Villa in Abuja.
This was announced by the Minister of Budget and Economic Planning, Atiku Bagudu, while addressing journalists on Monday.
Bagudu explained that the budget framework, presented by the Director-General of the Budget Office, Tanimu Yakubu, was reviewed and adjusted following directives from President Bola Tinubu.
“The Federal Executive Council approved the 2025 budget proposals today, incorporating amendments as directed by the President,” Bagudu stated.
The 2025 fiscal projections are anchored on key economic assumptions, including 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 US dollar.
“These parameters are consistent with the medium-term expenditure framework, which has already been approved by the National Assembly,” the minister added.
According to Bagudu, the government anticipates a total revenue of N34.82 trillion for 2025, while expenditure is estimated at N47.96 trillion—representing a 36.8% increase compared to 2024.
The minister further highlighted the projected budget deficit of N13.13 trillion, equivalent to 3.89% of the Gross Domestic Product.
