On Monday, the Federal Executive Council adopted the proposed budget for 2025.
Atiku Bagudu, the Minister of Budget and Economic Planning, stated this to State House Correspondents following the Council’s final meeting in 2024 at the Aso Rock Villa in Abuja.
He stated, “Today, the Federal Executive Council accepted the budget plans for 2025 with revisions that Mr. President requested following a presentation to the Federal Executive Council headed by the Director-General of the Budget Office, Tanimu Yakubu.
“The 2025 framework is predicated on an oil price benchmark of $75 per barrel.” Oil output is 2.06 million barrels per day, at an exchange rate of 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.”
