The Executive and Legislature are in talks to finalize a date for President Bola Tinubu’s presentation of the 2025 budget at the National Assembly, according to the Minister of Budget and National Planning, Alhaji Abubakar Bagudu.
Speaking to State House correspondents in Abuja, Bagudu confirmed that efforts are underway to select a suitable date within the next 48 hours for the president to unveil the budget. This is part of ongoing consultations to ensure the annual budget presentation occurs in December, as has been the practice.
Bagudu also revealed that some adjustments had been made to the 2025 budget, as directed by President Tinubu. He outlined key assumptions for the budget, including an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of 1,400 Naira to the US dollar.
The Minister emphasized that the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper had already been approved by the National Assembly. He highlighted that the 2025 budget aims to build on advancements in macroeconomic stability, security, infrastructure, human capital development, and key sectors such as agriculture, manufacturing, and creative industries.
On fiscal matters, Bagudu stated that the budget deficit for 2025 is projected at 13.13 trillion Naira, representing 3.89% of the GDP. He added that the government inherited a 6.1 trillion Naira deficit from the 2023 budget but managed to keep the 2024 deficit below this level, thanks to the success of ongoing initiatives.
Bagudu also announced that the Federal Executive Council (FEC) had granted final approval for the 2025 budget.
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