The Federal Executive Council (FEC) has approved a proposed budget of ₦47.9 trillion for the 2025 fiscal year, a significant 36.8% increase from the ₦27.5 trillion allocated for 2024. The approval came during the FEC meeting  chaired by President Bola Tinubu.

The 2025 budget framework includes:

 

• Oil Price Benchmark: $75 per barrel

• Oil Production Target: 2.06 million barrels per day

• Exchange Rate: ₦1,400 to $1

 

Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said the budget aligns with the administration’s Renewed Hope Agenda, focusing on macroeconomic stability, human capital development, infrastructure, and industrial growth. The projected revenue for 2025 stands at ₦34.82 trillion, with a deficit of ₦13.13 trillion (3.89% of GDP).

 

 

The FEC approved €161 million for power substation upgrades under the Presidential Power Initiative (PPI) in partnership with Siemens AG. Minister of Power, Adebayo Adelabu, said the project includes upgrades to 14 existing substations and the construction of 21 new substations, targeting an increase in Nigeria’s power capacity to 8,000 MW within two years.

 

Key locations for the upgrades include:

 

• Onitsha (330/132 KV substation)

• Abeokuta (330/132 KV substation)

• Offa (132/33 KV substation)

• Ayede (330/132 KV substation)

• Sokoto (132/33 KV substation)

 

Additionally, the FEC approved the acquisition of an office complex for the Nigeria Electricity Liability Management Company (NELMCO) in Abuja at ₦1.7 billion to reduce rental costs and improve operational efficiency.