The Federal Government has announced that President Bola Ahmed Tinubu will present the 2025 budget proposal, amounting to N47.96 trillion, to the National Assembly on Wednesday, December 18, 2024.
This was confirmed by the Minister of Budget and Economic Planning, Atiku Bagudu, during a press briefing after a Federal Executive Council (FEC) meeting held at the Presidential Villa in Abuja on Monday.
Bagudu outlined key elements of the 2025 budget framework, which is based on an oil price benchmark of $75 per barrel, a production capacity of 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar. He noted that the budget aligns with the administration’s Renewed Hope Agenda and the National Development Plan (2021–2025).
He says, “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.
“The 2025 budget proposal articulates the Federal Government’s financial plan for the 2025 fiscal year and aligns with the Renewed Hope Agenda and the National Development Plan, 2021, 2025.
“Earlier, the Medium Term Expenditure Framework and Fiscal Strategy Paper was designed to build on the advances in macro economics stability, security gains, infrastructure gains, human capital development efforts and creative industries, manufacturing and all the measures that have been taken to expand economic activity, create consumer credit, National Agricultural Development Fund, gas, CNG initiative and housing initiative.
“All of them intended to build economic activity and the the successes noted in 2024
“The 2025 Framework is based on oil price benchmark of 75 dollar per barrel, oil production of 2.06 million barrels per day and the exchange rate of 1,400 naira. All these are already included in the Medium Term Expenditure Framework of which we have presented here, which have also been approved by the National Assembly.
“So, the total projected revenue for 2025 stands at N34,820 trillion out of which the expenditure is projected at N47,960 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.
“If you recall, this administration inherited N6.1 trillion deficit from the 2023 budget. But given the success achieved in 2024 we were still able to maintain the deficit.”
On the delay in the budget presentation, Mohammed Idris, Minister of Information and National Orientation, clarified that the initial date of December 17 was postponed due to ongoing consultations with the National Assembly. Idris stated that the executive arm is in discussions with the legislative leadership to finalize the date and time for the presentation. He expressed confidence that the event would proceed as scheduled on Wednesday.
Despite concerns that the budget may not be passed before the end of 2024, Idris assured Nigerians that government operations would not be disrupted. He noted that constitutional provisions allow for continued funding of critical projects and services in such situations.
