President Bola Tinubu is set to present the 2025 budget proposal of N47.96 trillion to the National Assembly on Wednesday, December 18, 2024, according to the Minister of Budget and Economic Planning, Atiku Bagudu.
Bagudu made the announcement on Monday during a briefing after the Federal Executive Council (FEC) meeting presided over by Tinubu at the Presidential Villa, Abuja.
The 2025 budget framework includes an oil price benchmark of $75 per barrel, oil production at 2.06 million barrels per day, and an exchange rate of N1,400 to a dollar.
Key Highlights of the 2025 Budget:
- Projected Revenue: N34.82 trillion.
- Estimated Expenditure: N47.96 trillion, reflecting a 36.8% increase from the 2024 budget.
- Deficit: N13.13 trillion, amounting to 3.89% of GDP.
Bagudu emphasized that the proposal aligns with the Renewed Hope Agenda and the National Development Plan (2021-2025), focusing on macroeconomic stability, infrastructure growth, human capital development, and expanding economic activities, including initiatives in gas, housing, and agriculture.
Despite inheriting a deficit of N6.1 trillion from the 2023 budget, Bagudu noted that the administration managed to maintain stability through the successes achieved in 2024.
The Minister of Information and National Orientation, Mohammed Idris, clarified that the budget presentation was shifted from Tuesday, December 17, to Wednesday due to ongoing consultations with the National Assembly on the appropriate timing. Idris expressed optimism that the presentation would proceed as planned on Wednesday.
While the likelihood of passing the budget before the end of 2024 is slim, Idris assured that constitutional provisions would ensure the government continues to function effectively.
The 2025 budget proposal underscores the administration’s commitment to fiscal reforms and economic growth, building on the progress achieved in the past year.
