The Federal Executive Council (FEC) has approved the 2025 budget proposal, aligning it with the administration’s Renewed Hope Agenda and the National Development Plan (2021–2025).
This follows the earlier submission of the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP) to the National Assembly.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Monday after the FEC meeting presided over by President Bola Tinubu at the Presidential Villa in Abuja.
Bagudu highlighted that the 2025 fiscal plan aims to consolidate the progress made in 2024 while addressing economic challenges. He emphasized the administration’s focus on macroeconomic stability, critical infrastructure, and sectoral growth.
Key Budget Parameters:
Oil Price Benchmark: $75 per barrel
Production Target: 2.06 million barrels per day
Exchange Rate: N1,400 to $1
Projected Revenue: N34.82 trillion
Projected Expenditure: N47.96 trillion (36.8% increase from 2024)
Budget Deficit: N13.13 trillion (3.89% of GDP, down from 6.1% in 2023)
“These parameters are consistent with the MTEF and FSP and are designed to reinforce economic stability,” Bagudu stated.
Strategic Focus Areas:
1. Infrastructure Development: Enhance critical infrastructure to boost productivity.
2. Economic Diversification: Expand industrial activities, create jobs, and strengthen the National Agricultural Development Fund to support food security.
3. Energy Transition: Advance gas and compressed natural gas (CNG) initiatives to reduce reliance on petrol.
4. Human Capital Development: Invest in education, healthcare, and skill-building initiatives.
5. Affordable Housing: Promote schemes to address the housing deficit.
“These initiatives aim to expand economic activity, create consumer credit opportunities, and ensure inclusive growth,” Bagudu added.
Amendments and Legislative Process
President Tinubu directed amendments to the proposal following feedback from FEC members to ensure fiscal prudence and alignment with national priorities.
The finalized proposal will be presented to the National Assembly within 48 hours for legislative approval after consultations with lawmakers.
Reflecting on 2024’s economic performance, Bagudu highlighted achievements in reducing the budget deficit and significant progress in infrastructure, security, and economic stability.
“The 2025 budget builds on these gains to ensure sustained growth and development,” he concluded.
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