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

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

413

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.

 

Read More: Niger Delta: Oil Spillage at Shell’s Bonny Island Terminal Reaches Shoreline

Guinea: Kankan Authorities Destroy 925kg Of Indian Hemp, Expired Pharmaceutical Products

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

News

Burkina Faso Abolishes Visa Fees For African Travellers To Boost Integration

Burkina Faso has announced the abolition of visa fees for all African...

Traoré inaugurate Cement factory
News

Burkina Faso: President Traoré Delivers Over 700 Vehicles To Brigades Under “Faso Mêbo” Initiative

Burkina Faso’s President, Captain Ibrahim Traoré, has reinforced the country’s push for...

Kenya’s Ruto Proposes Mediating Nile Dam Dispute, Seeks to Purchase Ethiopia’s Power
News

Kenya’s Ruto Proposes Mediating Nile Dam Dispute, Seeks to Purchase Ethiopia’s Power

Kenya’s William Ruto has proposed to mediate the Nile Dam dispute between...

Nigerian Influencer Shares 4-Month-Old News, Subtly Implying Nigeria Is IMF-Debt-Free as Tinubu's Borrowing Spree Shifts to World Bank
News

Nigerian Government Pushes “IMF-Debt-Free” Media Narrative As Nigeria Becomes Africa’s Largest World Bank Debtor

A Nigerian social media influencer has resurfaced a four-month-old news report from...