President Bola Tinubu may present the 2025 budget to the joint session of the National Assembly today, Wednesday.
This was after the Federal Executive Council gave final approval for its presentation on Monday.
Speaking to State House correspondent shortly after the FEC meeting chaired by President Tinubu at the Presidential Villa on Monday, the Minister of Budget and Economic Planning, Atiku Bagudu said the total 2025 expenditure is projected at forty-seven trillion, nine hundred and sixty billion naira which is an increase of 36.8 per cent from the 2024 estimate.
He said the 2025 Appropriation Bill is pegged on an Oil price benchmark of 75 dollar per barrel, oil production of 2.06 million barrels per day and exchange rate of N1,400 to a dollar.
Bagudu said the total projected revenue for the 2025 budget is thirty-four trillion eight hundred and twenty billion naira.
The Minister said that the deficit for the 2025 budget is projected at 13.13, representing 3.89 percent of the GDP, noting that the Tinubu administration had inherited a deficit of 6.1 trillion naira from the 2023 budget.
Meanwhile, President Bola Tinubu could not present the 2025 budget to the National Assembly on Tuesday December 17 as earlier scheduled.
The Minister of Information, Mohammed Idris, who cleared the air on the issue while speaking to State House Correspondents said both the Executive arm and the leadership of NASS are still engaging on the day for presentation of the budget.
According to him, it is the prerogative of the National Assembly to give day for presentation of Appropriation Bill.
However, Idris noted that there is an ongoing engagement with NASS and that it is most possible the date for the presentation of the 2025 Appropriation Bill may be Wednesday
President Tinubu was initially billed to present the document to NASS on Tuesday.
