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The Federal Executive Council (FEC) has approved Nigeria’s 2025 budget proposal, setting a $75 per barrel oil benchmark and an exchange rate of ₦1,400 to $1.
Naija News reports that this was disclosed on Monday by the Minister of Budget and Economic Planning, Atiku Bagudu, during a briefing with State House correspondents after the Council’s final meeting for 2024 at the Aso Rock Villa, Abuja.
Bagudu stated, “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 ₦1,400 (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 ₦34.82tn out of which the expenditure is projected at ₦47.96tn which is an increase of 36.8% from the 2024 estimate. The deficit for 2025 is projected at ₦13.13tn representing 3.89% of GDP.”
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