On Wednesday, lawmakers from both the House of Representatives and the Senate gathered for the presentation of President Tinubu’s second budget proposal to a joint session.
He was joined by key government officials, including the Secretary to the Government of the Federation (SGF), George Akume, and the Chief of Staff to the President, Femi Gbajabiamila. Originally scheduled for Tuesday, the presentation was postponed to Wednesday following a Federal Executive Council (FEC) meeting held on Monday at the Presidential Villa in Abuja.
On the same day, the FEC approved the 2025 budget estimate.
According to Atiku Bagudu, the Minister of Budget and National Planning, the projected 2025 expenditure stands at N47.96 trillion, marking a 36.8% increase from the 2024 estimate. Bagudu further explained that the 2025 Appropriation Bill is 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.
