The Federal Executive Council has approved a budget of N47.9 trillion for 2025, which framework is based on a benchmark oil price benchmark of $75 per barrel, oil production of 2.06 billion barrels per day and the exchange rate of N1,400.
Penpushing reports that the Minister of Budget and National Planning, Atiku Bagudu made the approval announcement known on Monday at the end of the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.
“The 2025 framework is based on a benchmark oil price benchmark of $75 per barrel, oil production of 2.06 billion barrels per day and the exchange rate of N1,400. All these are already included in the Medium Term of which we have presented here, which have also been approved by the National Assembly’, said.
“So the total projected revenue for 2025 stands at N34.82 trillion out of which the expenditure is projected at N47.96 trillion, which is an increase of 36.8 per cent from the 2024 estimate, the Minister added.
“The deficit for 2025 is projected at N13.13 trillion, representing 3.89 per cent of GP. If you recall, this administration inherited 6.1 (per cent) from the 2023 budget. But given the success achieved in 2024, we were still able to maintain the deficit’, Bagudu stated
Penpushing further reports that the Federal Executive Council (FEC)-approved budget will now be sent to the National Assembly for review and approval.
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