All may now be set for the presentation of the 2025 Appropriation Bill to the joint session of the National Assembly by President Bola Tinubu on Wednesday, December 18, 2024.
The exercise was earlier scheduled for today, Tuesday, December 17, 2024, but it was shifted to tomorrow after the 2025 budget proposal of N48 trillion was approved Federal Executive Council (FEC).
The council met on Monday on the 2025 Appropriation Bill and made a few amendments, according to the Minister of Budget and Economic Planning, Mr Atiku Bagudu, who addressed journalists after the meeting yesterday at the Presidential Villa, Abuja.
“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 by the Director 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, as earlier approved in the medium-term expenditure framework and fiscal strategy paper,” the Minister informed newsmen
Mr Bagudu disclosed that the framework is based on a benchmark oil price of $75 per barrel, an exchange rate of N1,400/$1 and crude oil production of 2.06 billion barrels per day.
He disclosed that based on these parameters, the total projected revenue for the year is N34.820 trillion out of which the expenditure is projected at N47,960 trillion, higher than the 2024 figures by 36.8 per cent, with the deficit projected at N13.13 trillion, to be financed by borrowing.
Also addressing members of the press after the meeting was the Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, who announced that the N13 trillion deficit would be financed through borrowing.