Onome Amuge
The Federal Executive Council (FEC) has announced the approval of a N47.96 trillion budget for the 2025 fiscal year, which is set to be presented to the National Assembly on Wednesday.
The FEC also approved a target of 2.06 million barrels per day for domestic oil production, based on the significant improvements in security within the country’s oil-producing regions.
Atiku Bagudu, the minister of budget and economic planning, made the disclosure to State House correspondents after the Council met for the last time in 2024 at the Aso Rock Villa, Abuja.
Bugudu disclosed that President Bola Tinubu was scheduled to present the budget before the National Assembly within the next 48 hours for deliberation and passage.
The minister confirmed that the projected revenue for the year is N34.820 trillion, while the total proposed expenditure stands at N47.960 trillion.
Bagudu also stated that as of September 2024, the federal government had generated N14.55 trillion in revenues, which represents a 75 percent performance against the approved budget. He expressed optimism that the government would exceed its revenue target by the end of the year.
The minister stated, “The 2025 framework is based on an oil price benchmark of $75 per barrel. Oil production of 2.06 million barrels per day; exchange rate of one N1,400 to the dollar.
“All these are already included in the medium-term expenditure framework which we have presented here, which has also been approved by the National Assembly.
“So the total projected revenue for 2025 stands at N34.82tn out of which the expenditure is projected at N47.96tn which is an increase of 36.8% from the 2024 estimate. The deficit for 2025 is projected at N13.13tn representing 3.89% of GDP.”
