The Federal Executive Council (FEC) has granted final approval for the 2025 national budget, which is set to be presented by President Bola Tinubu. Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents following the FEC meeting chaired by the President at the Presidential Villa on Monday.

Bagudu revealed that the total 2025 expenditure is projected at ₦47.96 trillion, representing a 36.8% increase from the 2024 budget estimate. The 2025 Appropriation Bill is pegged on key economic assumptions, including an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of ₦1,400 to a dollar.

The Minister further noted that the total projected revenue for the 2025 budget stands at ₦34.82 trillion, with a deficit of ₦13.13 trillion, which equates to 3.89% of GDP. He highlighted that the Tinubu administration inherited a deficit of ₦6.1 trillion from the 2023 budget.

Meanwhile, indications suggest that President Tinubu may not present the 2025 budget to the National Assembly (NASS) on Tuesday, December 17, as earlier scheduled.

Speaking on the matter, Minister of Information Mohammed Idris clarified that the date for the budget presentation is being finalized in discussions between the Executive arm and NASS leadership. While Tuesday was initially proposed, Idris noted that Wednesday is now the likely date for the presentation.

“It is the prerogative of the National Assembly to determine the date for the presentation of the Appropriation Bill,” Idris explained, adding that ongoing engagements make a Wednesday presentation probable.

President Tinubu’s initial plan was to submit the budget to NASS on Tuesday. However, all eyes are now on the updated schedule to see when the ₦47.96 trillion 2025 budget will be formally laid before the legislature.