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BREAKING: FEC Approves 2025 Budget Proposal With ₦13.13tn Deficit

The Federal Executive Council (FEC) has approved the 2025 budget proposal, with key fiscal benchmarks aimed at driving economic stability and growth.

Minister of Budget and Economic Planning, Atiku Bagudu, announced this during a press briefing at the Aso Rock Villa in Abuja after the council’s final meeting for 2024. According to Bagudu, the budget framework is based on an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, and an exchange rate of ₦1,400 to the dollar.

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EKO HOT BLOG reports that he stated, “The total projected revenue for 2025 stands at ₦34.82 trillion, while total expenditure is estimated at ₦47.96 trillion, marking a 36.8% increase from the 2024 budget. The projected deficit of ₦13.13 trillion represents 3.89% of the GDP.”

Bagudu added that the 2025 fiscal plan aligns with the medium-term expenditure framework previously approved by the National Assembly, ensuring continuity and adherence to Nigeria’s fiscal objectives.

The budget, presented to FEC by the Director-General of the Budget Office, Tanimu Yakubu, received amendments directed by President Bola Ahmed Tinubu during the council’s deliberations.

The approval marks a significant milestone in Nigeria’s economic planning, reflecting the government’s commitment to addressing the nation’s fiscal challenges while fostering growth.

BREAKING: FEC Approves 2025 Budget Proposal With ₦13.13tn Deficit

The framework outlines ambitious revenue projections alongside increased expenditure aimed at implementing transformative initiatives across key sectors. It also underscores the administration’s focus on bridging the fiscal deficit through strategic economic measures.

With this approval, the 2025 budget proposal will advance for further legislative consideration as Nigeria seeks to strengthen its economic trajectory in the coming year.