Members of the National Assembly cheered President Bola Ahmed Tinubu with the chorus, “On your mandate, we shall stand,” as he presented to them the 2025 Budget on Wednesday. Darelasisionline.com had earlier that members of the House of Representatives and the Senate gathered as the President delivered his second budget proposal to a joint session.
Accompanying Tinubu during the presentation were the Secretary to the Government of the Federation, George Akume, and the Chief of Staff to the President, Femi Gbajabiamila, along with other senior government officials.
Originally scheduled for Tuesday, the presentation was postponed to Wednesday following a meeting of the Federal Executive Council (FEC) that took place on Monday at the Presidential Villa in Abuja.
On that same day, the FEC approved the budget estimates for the year 2025.
As stated by the Minister of Budget and National Planning, Atiku Bagudu, the projected expenditure for 2025 stands at forty-seven trillion nine hundred sixty billion naira, reflecting a 36.8 per cent increase from the 2024 estimate.
Bagudu noted that the 2025 Appropriation Bill 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 a dollar.
