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

Minister of Budget and Economic Planning, Atiku Bagudu, shared this information with State House Correspondents after the Council’s final meeting for 2024 at the Aso Rock Villa, Abuja.

He explained, “Today, the Federal Executive Council approved the 2025 budget proposals, including amendments directed by Mr. President, following a presentation led by the Director-General of the Budget Office, Tanimu Yakubu.”

The 2025 budget framework is based on an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar.

“These figures are incorporated into the medium-term expenditure framework, which has already been approved by the National Assembly,” Bagudu added.

The total projected revenue for 2025 stands at N34.82 trillion, with an expenditure forecast of N47.96 trillion. This represents a 36.8% increase compared to the 2024 estimate. The deficit for 2025 is projected at N13.13 trillion, or 3.89% of GDP.