Abuja, Dec. 16, 2024 – The federal government has approved the 2025 Budget proposal of N47.96 trillion.
The budget proposal was approved by the Federal Executive Council (FEC) in Abuja on Monday.
Atiku Bagudu, the Minister of Budget and Economic Planning, disclosed this to State House Correspondents after the FEC meeting.
He said the budget proposal was approval after some amendments by the President after its presentation.
The minister said N34.82 trillion had been earmarked as the total projected revenue for 2025, while expenditure is projected at N47.96 trillion.
He said N13.13 trillion had been projected in the budget, representing 3.89% of GDP.
The minister said the budget was predicated on $75 per barrel oil price benchmark, oil production level of 2.06 million barrels per day and naira exchange rate of N1,400 to the dollar.
He said all these had already been included in the medium-term expenditure framework presented here, which has also been approved by the National Assembly.
The minister said the budget proposal would be presented to the National Assembly on Wednesday, adding that the Presidency was engaging with the National Assembly to allow the budget submission that day. (GBN)
