The Federal Executive Council (FEC) on Monday approved the 2025 budget proposal, following the earlier submission of the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP) to the National Assembly.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this at the end of the council meeting presided over by President Bola Tinubu at the Presidential Villa in Abuja.
Providing details, he emphasized the alignment of the budget with the administration’s Renewed Hope Agenda and the National Development Plan (2021–2025).
According to him, the 2025 budget proposal outlines the federal government’s fiscal plan, which aims to consolidate progress achieved in 2024 while addressing persistent economic challenges.
The budget Is based on an oil price benchmark of $75 per barrel, with a production target of 2.06 million barrels per day.
It assumes an exchange rate of N1,400 to the US dollar.
The projected revenue is N34.82 trillion, while the projected expenditure is N47.96 trillion, reflecting a 36.8% increase from the 2024 estimate.
The minister added that the budget deficit stands at N13.13 trillion, equivalent to 3.89% of GDP—a reduction from the 6.1% inherited from the 2023 budget.
Bagudu noted that these parameters are consistent with the MTEF and FSP.
