FG Approves 2025 Budget, Sets $75 Per Barrel Oil Benchmark, ₦1,400/$ Exchange Rate

FG has approved the 2025 Budget, set a $75 per barrel oil benchmark, and ₦1,400/$ exchange rate.

 

NewsOnline Nigeria reports that the Federal Executive Council (FEC) has approved Nigeria’s 2025 budget proposal, setting a $75 per barrel oil benchmark and an exchange rate of ₦1,400 to $1.

This Nigeria news platform understands that this was disclosed on Monday by the Minister of Budget and Economic Planning, Atiku Bagudu, during a briefing with State House correspondents after the Council’s final meeting for 2024 at the Aso Rock Villa, Abuja.

 

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Bagudu stated, “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.

“The 2025 framework is based on an oil price benchmark of $75 per barrel. Oil production of 2.06 million barrels per day; exchange rate of one ₦1,400 (to the dollar).

 

“All these are already included in the medium-term expenditure framework which we have presented here, which has also been approved by the National Assembly.

 

“So the total projected revenue for 2025 stands at ₦34.82tn, out of which the expenditure is projected at ₦47.96tn, which is an increase of 36.8% from the 2024 estimate. The deficit for 2025 is projected at ₦13.13tn, representing 3.89% of GDP.”