FEC Approves Nigeria’s ₦47.9 Trillion 2025 Budget
The Federal Executive Council (FEC), on Monday, December 16, approved the 2025 Budget Proposal of ₦47.9 trillion.
This much was disclosed to newsmen by the Minister of Budget and Economic Planning, Atiku Bagudu, following the Council metting at Aso Rock, Abuja.
The budget was based on $75 per barrel of crude oil, with a daily production of 2.06 billion barrels and the exchange rate of ₦1,400
“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 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,” Bagudu revealed.
Neusroom understand that the Council meeting was its last for the year.
