- The Nigerian government approves the 2025 budget proposal, totalling N47.96 trillion, marking a 36.8% increase from the previous year
- Originally set for Tuesday, the budget presentation has been postponed to Wednesday, 19th December, to allow final adjustments
- The 2025 budget includes projected revenue of N34.82 trillion, a deficit of N13.13 trillion, and new borrowings of N9.22 trillion to fund the plan
The Federal Government has approved the 2025 budget proposal, which is set to be presented to a joint session of the National Assembly on Wednesday, December 19.
This follows the Senate’s earlier endorsement of the Medium-Term Expenditure Framework (MTEF) 2025-2027 on November 22.
President Bola Tinubu will present the proposed budget, which amounts to N47.96 trillion, marking a significant 36.8% increase from the 2024 estimate.
However, the budget presentation, initially scheduled for Tuesday, December 17, was postponed to allow the executive to make final adjustments to the document.
A senior National Assembly official confirmed the delay, which was further corroborated by the Minister of State for Agriculture, Sabi Abdullahi, who stated on Monday, December 16, “The budget presentation has been postponed from Tuesday, December 17 to Wednesday, December 18. The executive just needs to make one or two adjustments to the budget.”
The new schedule now indicates that the National Assembly will host the budget presentation on Wednesday, December 18.
The 2025 budget remains aligned with the projections set out in the MTEF, which outlines critical fiscal assumptions for the years 2025 to 2027. The framework includes an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, an exchange rate of N1,400 to the US dollar, and a GDP growth rate of 4.6%.
The Federal Executive Council (FEC), in a statement on Monday, December 16, confirmed that the 2025 budget proposal had been approved, with key figures such as N34.82 trillion in projected revenue and N47.96 trillion in expenditure. The budget also projects a deficit of N13.13 trillion, approximately 3.89% of GDP.
Minister of Budget and Economic Planning, Abubakar Bagudu, explained that the budget includes new borrowings amounting to N9.22 trillion. He also assured that the late presentation of the budget would not disrupt the January-December implementation cycle, citing constitutional provisions that allow the executive to continue operations even in the absence of a formally passed budget.
The presentation of the 2025 budget follows extensive discussions between the executive and the National Assembly. Bagudu reiterated the importance of collaboration between the two arms of government, highlighting that President Tinubu had encouraged the National Assembly to carry out diligent oversight over the proposed budget, ensuring transparency and accountability in the process.
Bagudu highlighted the government's commitment to meeting debt obligations, noting that debt service for the year had been fully met.
FG to allocate N6.5trn for personnel costs in 2025 due to new minimum wage
Meanwhile, TheRadar reported that the Federal Government disclosed that its expenditure on personnel costs would rise by at least 60 per cent in 2025, following the implementation of the newly approved national minimum wage and consequential salary adjustments for federal civil servants.
According to the newly released Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF), the government’s personnel costs would increase by N2.46 trillion, bringing the total personnel budget to approximately N6.56 trillion for the 2025 fiscal year.
