President Bola Tinubu has presented a ₦47.9 trillion budget proposal for the 2025 fiscal year to a joint session of the National Assembly. This marks his second budget presentation since assuming office.
The proposal is based on an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, and an exchange rate of ₦1,400 to the U.S. dollar.
The projected revenue for the 2025 budget stands at ₦34.82 trillion, with a deficit of ₦13.13 trillion, representing 3.89% of the Gross Domestic Product (GDP). This reflects a 36.8% increase from the 2024 budget estimate.
For more details, you can watch the budget presentation below:
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