The federal executive council (FEC) has approved the N47.96 trillion 2025 budget.

Atiku Bagudu, minister of budget and economic planning, spoke to journalists after the council’s last meeting in 2024 about its decisions.

Bagudu said the 2025 budget represents a 36.8 percent increase from the N27.9 trillion 2024 estimate.

The minister said the 2025 framework is based on key economic projections, including an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels per day (bpd), and an exchange rate of N1,400/$.

“Today, the federal executive council approved the budget proposals for 2025 with amendments which Mr president directed following a presentation to the federal executive council led by the director general of the budget office, Tanimu Yakubu,” the minister said.

“The 2025 framework is based on the oil price benchmark of $75 per barrel. Oil production of 2.06 million barrels per day. Exchange rate of one 1400 naira (to the dollar).

“All these are already included in the medium-term expenditure framework which we have presented here, which have also been approved by the national assembly. 

“So the total projected revenue for 2025 stands at N34.82 trillion out of which the expenditure is projected at N47.96 trillion which is an increase of 36.8% from the 2024 estimate.”

Bagudu said the deficit for 2025 is projected at N13.13 trillion representing 3.89 percent of the country’s gross domestic product (GDP).

On December 12, Senate President Godswill Akpabio announced that Tinubu would present the 2025 budget on Tuesday.