The Federal Executive Council (FEC) has approved Nigeria’s 2025 budget proposal, setting the total expenditure at ₦47.96 trillion. The announcement followed the council’s final meeting of 2024, chaired by President Bola Ahmed Tinubu. Here’s a detailed breakdown of the budget and other significant decisions.
2025 Budget Overview
Minister of Budget and Economic Planning, Senator Atiku Bagudu, disclosed the key parameters for the 2025 fiscal plan, which aligns with the administration’s Renewed Hope Agenda and the National Development Plan (2021–2025).
Key highlights of the budget include:
- Oil price benchmark: $75 per barrel.
- Oil production: 2.06 million barrels per day.
- Exchange rate: ₦1,400 to $1.
- Projected revenue: ₦34.82 trillion.
- Expenditure: ₦47.96 trillion (a 36.8% increase from the 2024 budget).
- Deficit: ₦13.13 trillion (3.89% of GDP).
The Minister noted that while the administration inherited a deficit of ₦6.1 trillion in 2023, its economic reforms in 2024 achieved notable improvements, allowing for manageable fiscal projections in 2025.
Other Major Decisions by FEC
- Renaming of the University of Abuja
FEC approved renaming the University of Abuja to Yakubu Gowon University, Abuja, in honor of General Yakubu Gowon’s contributions to Nigeria’s unity.- Gowon led the country during the civil war (1967–1970) and introduced the National Youth Service Corps (NYSC).
- The name change will be finalized after legislative approval by the National Assembly.
- Free Train Services Nationwide
To ease transportation costs during the festive season, the government has approved free train services nationwide from December 20, 2024, to January 6, 2025.- This initiative mirrors similar efforts during last year’s Christmas and Sallah celebrations.
- Budget Presentation to National Assembly
The presentation of the 2025 budget proposal has been rescheduled from December 17 to December 18, pending coordination between the executive and the National Assembly. - Increased Education Funding
President Tinubu also approved higher allocations for education, focusing on human capital development to expand the sector.
Plateau State Reacts to Gowon’s Recognition
Plateau State Governor Caleb Mutfwang commended President Tinubu for renaming the University of Abuja, describing it as a “well-deserved recognition” of General Gowon’s exceptional leadership and service.
The governor emphasized that Gowon’s wisdom and contributions to peace and national cohesion during Nigeria’s turbulent periods remain unparalleled.
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