Abuja, Nigeria – The Federal Executive Council (FEC) on Monday, December 16, approved the 2025 budget proposal amounting to ₦47.9 trillion.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to journalists after the Council’s meeting at Aso Rock, Abuja.
The budget is anchored on an oil price benchmark of $75 per barrel, a projected daily production of 2.06 million barrels, and an exchange rate of ₦1,400 to the US dollar.
Bagudu explained that the framework aligns with the medium-term expenditure framework approved by the National Assembly.
“The total projected revenue for 2025 stands at ₦34.82 trillion, while expenditure is estimated at ₦47.96 trillion, marking a 36.8% increase from the 2024 budget. The projected deficit is ₦13.13 trillion, representing 3.89% of GDP,” Bagudu stated.
This was the final Council meeting of the year, during which amendments were made to the proposal as directed by President Bola Tinubu.