The Federal Executive Council has approved the proposed 2025 national budget during its final meeting of the year held at the Aso Rock Villa in Abuja.
The announcement was made by the Minister of Budget and Economic Planning, Atiku Bagudu, while briefing journalists on Monday.
Bagudu revealed that the budget framework, presented by the Director-General of the Budget Office, Tanimu Yakubu, underwent a review and was adjusted in line with 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 plan is built on key economic assumptions, including an oil price benchmark of $75 per barrel, a daily oil production target 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.
Bagudu disclosed that the government expects a total revenue of N34.82 trillion for 2025, while expenditure is projected at N47.96 trillion, representing a 36.8% increase compared to 2024.
The minister also highlighted a projected budget deficit of N13.13 trillion, which he noted is equivalent to 3.89% of the Gross Domestic Product.
