The Federal Government has settled for Wednesday, 18th December 2024, to present the 2025 budgetary estimates of N47.96 trillion to the National Assembly.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Monday while briefing journalists at the end of the cabinet meeting, presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja.
According to Bagudu, the 2025 budget framework was based on oil price benchmark of $75 per barrel, oil production capacity of 2.06 million barrels per day and an exchange rate of one N1,400 to a dollar.
He says, “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 budget proposal articulates the Federal Government’s financial plan for the 2025 fiscal year and aligns with the Renewed Hope Agenda and the National Development Plan, 2021, 2025.
“Earlier, the Medium Term Expenditure Framework and Fiscal Strategy Paper was designed to build on the advances in macro economics stability, security gains, infrastructure gains, human capital development efforts and creative industries, manufacturing and all the measures that have been taken to expand economic activity, create consumer credit, National Agricultural Development Fund, gas, CNG initiative and housing initiative.
“All of them intended to build economic activity and the the successes noted in 2024
“The 2025 Framework is based on oil price benchmark of 75 dollar per barrel, oil production of 2.06 million barrels per day and the exchange rate of 1,400 naira. All these are already included in the Medium Term Expenditure Framework of which we have presented here, which have also been approved by the National Assembly.
“So, the total projected revenue for 2025 stands at N34,820 trillion out of which the expenditure is projected at N47,960 trillion which is an increase of 36.8% from the 2024 estimate, the deficit for 2025 is projected at N13.13 trillion representing 3.89% of GDP.
“If you recall, this administration inherited N6.1 trillion deficit from the 2023 budget. But given the success achieved in 2024 we were still able to maintain the deficit.”
Bagudu told reporters that comments were taken from members of the Executive Council and the President directed some consequential adjustments while approving the figures.
On why the budget proposal presentation to the National Assembly was postponed from the initial date of Tuesday, December 17, 2024 to Wednesday, December 18, 2024, the Minister of Information and National Orientation, Mohammed Idris, explained that the National Assembly was yet to communicate to the executive on the date and time for the presentation.
He said that before budget presentations take place, the executive usually engages with the leadership of the National Assembly for the suitable time and date, noting that the National Assembly would then communicate on the date and time chosen for the exercise.
The minister said that engagements were still ongoing between the two arms of government, expressing optimism that the budget proposal presentation would take place on Wednesday.
He however disclosed that the possibility of passing the budget before the end of 2024 is quite slim but that it would not stop effective administration of the country on account of funds, as the Constitution provides for such unforeseen circumstances.
Tinubu to present N47.96trn 2025 budget proposal to NASS Wednesday – FEC