The Federal Executive Council has approved President Bola Tinubu’s 2025 budget proposal.

The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House Correspondents after a council meeting in Aso Rock on Monday.

Mr Bagudu also revealed that the proposal was based on an oil price benchmark of $75 per barrel.

“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,” Mr Bagudu said.

The minister noted that the details have already been covered in the medium-term expenditure framework, which has been presented and approved by the National Assembly.

“So the total projected revenue for 2025 stands at N34.82 trillion out of which the expenditure is projected at N47.96 trillion which is an increase of 36.8% from the 2024 estimate. The deficit for 2025 is projected at N13.13 trillion, representing 3.89% of GDP,” Mr Bagudu added.

FEC’s approval of the proposal comes on the heels of the announcement of the presentation by Senate President Godswill Akpabio last week.

Mr Akpabio said Mr Tinubu would present the 2025 budget proposal to the joint session of the National Assembly on Tuesday.