FEC Approves Tinubu’s 2025 Budget of N47.96 Trillion, to Be Presented Wednesday

Confidence UbaniDecember 16, 20241 Mins read504

Nigeria’s Federal Executive Council (FEC) has approved a N47.96 trillion budget for 2025. President Bola Tinubu is set to present it to the National Assembly on Wednesday.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this after a council meeting presided over by Tinubu on Monday. He said the budget is based on an oil benchmark price of $75 per barrel. It includes a revenue projection of N34.82 trillion and a deficit of N13.13 trillion, which represents 3.89 per cent of GDP.

Bagudu stated that the framework for the budget aligns with the 2025-2027 Medium-Term Economic Framework and Fiscal Strategy Paper (MTEF/FSP), which was recently approved by the National Assembly. As was earlier reported, the President also submitted the 2025-2027 MTEF/FSP on November 19. Section 18 of the Fiscal Responsibility Act (FRA) 2007 requires the President to present the budget four months before the next financial year. However, the government missed the deadlines for submission.

During the council meeting, the FEC also reviewed the 2024 budget’s performance. The budget included a total expenditure of N27.5 trillion, a projected revenue of N18.32 trillion, and a deficit of N9.18 trillion. Oil revenue contributed N7.68 trillion, while non-oil taxes accounted for N3.52 trillion. Independent revenues were N1.91 trillion, and other sources generated N1.13 trillion. A review of the 2024 budget found that while several billions were allocated to infrastructure, energy, education, and security, many challenges persist.

Despite the last budget’s poor performance, Nigeria’s 2025 budget represents a 36.8 per cent increase from 2024. Senate President Godswill Akpabio confirmed that Tinubu would present the budget to a joint session of the National Assembly within 48 hours. This presentation is a key step towards securing legislative approval. The National Assembly is expected to review the budget within 90 days of submission.

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