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President Bola Tinubu will present the N47 trillion 2025 budget to a joint session of the National Assembly today.
The Federal Executive Council (FEC) approved the N47 trillion budget proposal on Monday.
It is the president’s second full budget since he assumed office in May 2023.
Earlier Thursday last week, he notified the lawmakers of his plan to present the document on Tuesday. However, the presentation was shifted by one day, for what one of his cabinet ministers explained was due to some required amendments in the document.
The proposed budget is predicated on a benchmark oil price of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of ₦1,400 to the dollar.
It also projects total revenue at ₦34.82 trillion, while total expenditure is estimated at ₦47.96 trillion—an increase of 36.8 per cent from the 2024 estimate.
The deficit in the proposed 2025 budget is projected at ₦13.13 trillion, representing 3.89 per cent of GDP.
President Tinubu is submitting the budget to parliament less than two weeks before the end of the year.
It is, therefore, uncertain if Nigeria will maintain the January-to-December budget cycle that the previous federal administration introduced five years ago. This is because the lawmakers are expected to close for the year to celebrate Christmas and New Year festivities by the end of this week.
source: tribuneonline.com
