President Bola Tinubu has presented the 2025 budget proposal of N47.9 trillion to a joint session of the National Assembly. Lawmakers from the House of Representatives and the Senate convened on Wednesday to receive the President's second budget submission since taking office.
The President was accompanied by the Secretary to the Government of the Federation, George Akume; the Chief of Staff, Femi Gbajabiamila; and other top government officials. The presentation, initially scheduled for Tuesday, was rescheduled to Wednesday following a Federal Executive Council (FEC) meeting on Monday at the Presidential Villa in Abuja. During the meeting, the FEC approved the proposed budget for the upcoming fiscal year.
The Minister of Budget and National Planning, Atiku Bagudu, highlighted key details of the 2025 budget proposal. The expenditure is projected at ₦47.96 trillion, representing a 36.8% increase compared to the 2024 budget. The 2025 Appropriation Bill is based on an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, and an exchange rate of ₦1,400 to the dollar.
The budget presentation underscores the administration’s commitment to addressing economic challenges and setting the country on a sustainable development path.
