President Bola Tinubu will present the 2025 budget proposal of ₦47.96 trillion to the National Assembly on Wednesday, December 18, 2024. The announcement was made by the Minister of Budget and Economic Planning, Atiku Bagudu, during a press briefing following the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
The proposed budget is built on an oil price benchmark of $75 per barrel, an oil production capacity of 2.06 million barrels per day, and an exchange rate of ₦1,400 to a dollar. It aligns with the administration’s Renewed Hope Agenda and the National Development Plan (2021–2025).
Bagudu highlighted that the 2025 fiscal framework projects revenue at ₦34.82 trillion and expenditure at ₦47.96 trillion, marking a 36.8% increase from the 2024 estimates. The deficit is pegged at ₦13.13 trillion, representing 3.89% of GDP.
“This administration inherited a ₦6.1 trillion deficit from the 2023 budget but has achieved significant progress in 2024, maintaining stability despite the challenges,” Bagudu stated.
The delay in the budget presentation, initially scheduled for Tuesday, December 17, was attributed to ongoing consultations between the executive and the National Assembly to finalize the date and time. Minister of Information and National Orientation, Mohammed Idris, expressed optimism that the presentation would proceed as planned on Wednesday.
Although the possibility of passing the budget before the year’s end is slim, Idris assured that constitutional provisions would ensure seamless governance and funding in the interim.
The 2025 budget proposal underscores the Federal Government’s commitment to advancing macroeconomic stability, human capital development, and infrastructure growth, with initiatives in agriculture, gas, housing, and creative industries driving economic activity.
