- The Federal Executive Council (FEC) has approved the 2025 Budget Proposal of N47.96 trillion.
- The budget proposal is based on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of N1,400 to a dollar.
- The total projected revenue for 2025 stands at N34.82 trillion, with a projected expenditure of N47.96 trillion, representing a 36.8% increase from the 2024 estimate.
The Federal Executive Council (FEC) has approved the 2025 Budget Proposal, with a total expenditure of N47.96 trillion. The Minister of Budget and Economic Planning, Senator Atiku Bagudu, disclosed that the budget proposal aligns with the renewed hope agenda and the national development plan for 2021-2025.
The budget framework is based on several key assumptions, including an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of N1,400 to a dollar. The total projected revenue for 2025 stands at N34.82 trillion, with a projected expenditure of N47.96 trillion, representing a 36.8% increase from the 2024 estimate.
The budget proposal has been designed to build on the advances in macroeconomic stability, security gains, infrastructure gains, human capital development efforts, and creative industries, manufacturing, and other measures taken to expand economic activity. However, some experts have raised concerns about the budget’s feasibility, with one economist stating that the budget is “too ambitious” and that the government needs to properly review the budget performance of 2024 to determine the deficit size and what will be an appropriate figure.
