The Federal Executive Council (FEC) has approved the 2025 budget proposals totaling N47.96 trillion, following amendments ordered by President Bola Tinubu. 

The approval came during a cabinet meeting presided over by the President at the Council Chamber of the Presidential Villa in Abuja.

Speaking to State House correspondents after the meeting, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, revealed that the budget framework is built on an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, and an exchange rate of N1,400 to a dollar.

Senator Bagudu explained that the budget aligns with the federal government’s “Renewed Hope” agenda and the National Development Plan 2021-2025. He noted that the Director General of the Budget Office, Tanimu Yakubu, had presented the proposals to the Council, after which comments were considered, and President Tinubu directed consequential adjustments before approving the figures.

“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,” Bagudu said.

The Minister emphasized that the 2025 budget represents the government’s financial plan for the fiscal year and reflects efforts to drive economic growth, ensure fiscal sustainability, and align with ongoing national development priorities.

On the postponement of the budget presentation to the National Assembly from its initial date of Tuesday, December 17, 2024, to Wednesday, December 18, 2024, the Minister of Information and National Orientation, Mohammed Idris, clarified that the shift was due to the National Assembly not yet communicating the official date and time to the executive.

“The presentation was moved because the National Assembly was yet to communicate to the executive on the specific date and time for the presentation,” Idris stated.