The Federal Executive Council on Monday, approved the 2025 Budget proposal.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this after the council meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
The minister explained that the 2025 framework was based on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day and an exchange rate of one N1,400 to a dollar.
He said: “Today (yesterday), the Federal Executive Council approved the budget proposal 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 were designed to build on the advances in macroeconomic stability, security gains, infrastructure gains, human capital development effort 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, housing initiative.”
According to him, the 2025 framework is based on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day and the exchange rate of 1,400 naira, saying they are already included in the medium-term expenditure framework.
“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 per cent from the 2024 estimate, the deficit for 2025 is projected at N13.13 trillion representing 3.89 per cent 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,” he explained.
The minister said that comments were taken from members of the Executive Council and the President directed some consequential adjustments while approving the figures.
On why the budget proposal presentation to the National Assembly was shifted from the initially slated date of Tuesday (today) to Wednesday tomorrow, the Minister of Information and National Orientation, Mohammed Idris, explained that the National Assembly was yet to communicate to the executive on the date and time for the presentation.
According to him, before budget presentation, the executive arm usually engages with the leadership of the National Assembly for the suitable date and time, adding that the parliament will then communicate on the suitable period chosen for such an important engagement.
The minister said that engagements were still ongoing between the two arms of government, just as he expressed optimism that the budget proposal presentation would take place on Wednesday (today).
