The Federal Executive Council (FEC) has approved a budget proposal of N47.96 trillion for the 2025 fiscal year, following its final meeting of 2024.

Minister of Budget and Economic Planning, Senator Atiku Bagudu, announced this during a media briefing after the meeting, which was presided over by President Bola Tinubu.

Bagudu explained that the budget framework was based on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar.

“The 2025 budget aligns with the Renewed Hope Agenda and the National Development Plan 2021–2025, building on economic stability, human capital development, and infrastructure gains achieved this year,” Bagudu said.

He revealed that projected revenue for 2025 stands at N34.82 trillion, while total expenditure is estimated at N47.96 trillion – a 36.8% increase from the 2024 budget. This results in a deficit of N13.13 trillion, representing 3.89% of GDP.

Bagudu explained that some adjustments were made following inputs from FEC members.

Additionally, the council approved the renaming of the University of Abuja to Yakubu Gowon University in honour of the former Head of State’s contributions to Nigeria’s unity.

Minister of Education, Dr Tunji Alausa, said: “The renaming recognises General Gowon’s role in preserving Nigeria’s unity during the civil war and his establishment of the National Youth Service Corps (NYSC).”