The Federal Executive Council (FEC) has approved President Bola Tinubu’s 2025 budget proposal.
Minister of Budget and Economic Planning, Atiku Bagudu, who disclosed this to State House Correspondents after tge Council meeting in Aso Rock yesterday, also revealed that the proposal was based on an oil price benchmark of $75 per barrel.
The Minister said, “Today, the Federal Executive Council approved the budget proposals for 2025 with amendments which Mr. President directed following a presentation to the Federal Executive Council led by the Director-General of the Budget Office, Tanimu Yakubu”.
Bagudu noted that the details have already been covered in the medium-term expenditure framework, which has been presented and approved by the 10th National Assembly.
“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% from the 2024 estimate. The deficit for 2025 is projected at N13.13 trillion, representing 3.89% of GDP”, he added.
FEC’s approval of the proposal comes on the heels of the announcement of the presentation by Senate President Godswill Akpabio last week.
Meanwhile, the presentation of the 2025 Appropriation Bill to the 10th NASS by the President has been slated to tomorrow, Wednesday.
Reacting to a question after the Federal Executive Council meeting presided over by President Tinubu, the Information Minister Mohammed Idris disclosed that discussions were ongoing and might lead to the postponement of the budget presentation to the 10th NASS tomorrow.
