President Bola Tinubu will now present the N47.96 trillion 2025 Appropriation Bill to the National Assembly for consideration tomorrow.

The presentation was scheduled to hold today but the Minister of Information and National Orientation, Mohammed Idris, made this disclosure yesterday at a briefing after the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu at the Presidential Villa yesterday.

On why the presentation was postponed, Idris explained that the leadership of the National Assembly had yet to officially communicate the date and time of the presentation but clarified that it would be done tomorrow.

He explained further that before budget presentation, the executive usually engages with the leadership of the National Assembly for the suitable time and date, adding that the National Assembly would then communicate on the date and time chosen for such important exercise.

The minister said that engagements were still ongoing between the two arms of government, expressing optimism that the budget proposal presentation would take place tomorrow.

Speaking specifically on the budget, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, said the 2025 framework was based on the oil price benchmark of $75 per barrel.

Oil production of 2.06 million barrels per day. Exchange rate of one N1400 to a dollar. He said: “Today (yesterday) 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.

“Earlier, the medium term expenditure framework and fiscal strategy paper was designed to build on the advances in macro-economic stability, security gains, infrastructure gains, human capital development effort and creative industries, manufacturing and all the measures that have been taken to expand economic activity, create consumer credit, national agricultural development fund, gas, CNG initiative, housing initiative. “All of them intended to build economic activity and the successes noted in 2024

“So, the total projected revenue for 2025 stands at N34,820 trillion out of which the expenditure is projected at N47,960 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.

“If you recall, this administration inherited a N6.1 trillion deficit from the 2023 budget. But given the success achieved in 2024 we were still able to maintain the deficit.”

On the renaming of University of Abuja after the former Head of State, Gen. Yakubu Gowon, the Minister of Informational and National Orientation said:

“There’s also a decision taken by the Federal Executive Council to rename the University of Abuja to honour elder statesman, General Yakubu Gowon.

The University of Abuja will now be known as Yakubu Gowon University. Of course, the processing will have to go to the National Assembly, for all legislation in that direction.

But FEC has taken that decision to write to the National Assembly to change the name of University of Abuja to Yakubu Gowon University, in honour of the former head of state and elder statesman.”