President Tinubu
President Tinubu presents N47.9tn Budget to NASS
President Bola Tinubu presents the 2025 budget to the joint session of the National Assembly today.
His presentation, which is ongoing in Abuja, is coming after the Federal Executive Council on Monday approved the budget.
The Minister of Budget and Economic Planning, Atiku Bagudu, who spoke with State House correspondent shortly after the FEC meeting chaired by President Tinubu at the Presidential Villa on Monday.
The minister said the total 2025 expenditure is projected at forty-seven trillion, nine hundred and sixty billion naira which is an increase of 36.8 per cent from the 2024 estimate.
According to him, the 2025 Appropriation Bill pegs Oil price benchmark at 75 dollar per barrel, with an oil production of 2.06 million barrels per day and exchange rate of N1,400 to a dollar.
He said the total projected revenue for 2025 budget stands at thirty-four trillion, eight hundred and twenty billion naira.
The Minister said the deficit for the 2025 budget is projected at 13.13 representing 3.89 per cent of the GDP, noting that the Tinubu administration had inherited a deficit of 6.1 trillion naira from the 2023 budget.
However, the Minister of Information, Mohammed Idris, had dismissed reports that President Tinubu may not present the budget on Tuesday.
The minister told State House Correspondents said both the Executive arm and the leadership of NASS were still engaging on the day for presentation of the budget.
According to him, it is the prerogative of the National Assembly to give day for presentation of Appropriation Bill.
However, Idris noted that there is an ongoing engagement with NASS and that it is most possible the date for the presentation of the 2025 Appropriation Bill may be Wednesday.
President Tinubu was initially billed to present the document to NASS on Tuesday.