The Federal Executive Council (FEC) has finalized the 2025 budget proposal, preparing the way for President Bola Tinubu to present it to the National Assembly.
Originally set for Tuesday, December 17, 2024, the presentation was rescheduled to Wednesday, December 18, to allow for final adjustments. This change ensures that the proposal is thoroughly refined before submission.
The proposed budget totals N47.96 trillion, with new borrowings of N9.22 trillion.
The budget framework is based on an oil price benchmark of
- $75 per barrel,
- an oil production target of 2.06 million barrels per day,
- an exchange rate of N1,400 to the US dollar.
During a plenary session, Senate President Godswill Akpabio announced the revised schedule and stressed the importance of ensuring that the budget is fully refined.
Additionally, the Senate approved the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025-2027 on November 22, 2024, setting the stage for the government’s fiscal strategy.
The projected revenue for 2025 stands at N34.82 trillion, reflecting a 36.8% increase from 2024’s estimate. The fiscal deficit is estimated at N13.13 trillion, representing 3.89% of the GDP.
The budget focuses on advancing macroeconomic stability, security, infrastructure, human capital development, and creative industries.
Furthermore, Minister of Budget and Economic Planning, Abubakar Bagudu, confirmed that the budget aligns with the Renewed Hope Agenda, the National Development Plan (2021-2025), and the MTEF.
Bagudu also expressed confidence that, despite the delay, the January-December budget cycle will remain on track.
Ultimately, this budget presentation represents a crucial step in Nigeria’s fiscal planning, underscoring the government’s ongoing commitment to economic growth and stability.
