BREAKING: FG Okays 2025 budget, sets $75 per barrel oil benchmark

The Federal Executive Council on Monday approved the 2025 Budget Proposal.

The Minister of Budget and Economic Planning, Atiku Bagudu, revealed this to State House Correspondents after the Council met for the last time in 2024 at the Aso Rock Villa, Abuja.

He said, “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 2025 framework is based on an oil price benchmark of $75 per barrel. Oil production of 2.06 million barrels per day; exchange rate of one N1,400 (to the dollar).

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

“So the total projected revenue for 2025 stands at N34.82tn out of which the expenditure is projected at N47.96tn which is an increase of 36.8% from the 2024 estimate. The deficit for 2025 is projected at N13.13tn representing 3.89% of GDP.”

Details later…