President Bola Tinubu will present the 2025 budget of N47.96tn to the National Assembly on Wednesday, following final adjustments approved by the Federal Executive Council.
The Federal Executive Council (FEC) has approved the 2025 budget proposal of N47.96 trillion. Initially scheduled for Tuesday, President Bola Tinubu will now present the budget to the National Assembly on Wednesday, December 18, after making final adjustments.
The postponement was confirmed by a top National Assembly official and corroborated by Minister of State for Agriculture, Sabi Abdullahi, who explained the delay was to ensure “one or two refinements” before the formal presentation.
Key Highlights of the 2025 Budget
- Budget Size: N47.96 trillion
- Projected Revenue: N34.82 trillion
- Budget Deficit: N13.13 trillion (3.89% of GDP)
- Oil Price Benchmark: $75 per barrel
- Crude Oil Production Target: 2.06 million barrels per day
- Exchange Rate: N1,400 to the US Dollar
- GDP Growth Rate: 4.6%
According to Minister of Budget and Economic Planning, Abubakar Bagudu, the approved Medium-Term Expenditure Framework (MTEF) provides the foundation for the budget. The MTEF was earlier endorsed by the Senate on November 22 and outlines macroeconomic assumptions for the 2025-2027 period.
Fiscal Strategy and Borrowing Plans
The 2025 budget includes new borrowings of N13.8 trillion, representing 3.87% of the GDP. Bagudu emphasized the government’s commitment to maintaining the January-December budget cycle and reassured that late signing would not disrupt implementation.
He noted that despite the deficit, improved revenue from non-oil streams and deregulation of the petroleum sector would help close gaps. Debt service for the 2024 budget was reported at 100% performance, reflecting Nigeria’s commitment to meeting its obligations.
Why the Delay?
The FEC, led by President Tinubu, called for minor amendments to ensure the budget aligns with economic goals. The National Assembly has shown confidence in quickly reviewing and passing the budget due to enhanced cooperation with the Executive.
Bagudu reiterated that achieving the 2.06 million barrels-per-day oil production target is realistic, citing ongoing discoveries in Nasarawa and Kolmani regions.
Final Thoughts
The 2025 budget reflects the Federal Government’s strategic fiscal goals amid economic challenges. Stakeholders are optimistic that the proposed figures and assumptions will drive Nigeria toward sustainable growth.
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