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The Senate President, Godswill Akpabio, has said that President Bola Ahmed Tinubu will present the 2025 budget to the National Assembly next Tuesday
Akpabio made this known during the announcement at the Thursday plenary.
He said, “The president has made his intention known to the National Assembly to present the 2025 budget to the joint Assembly of the National Assembly on the 17th of December, 2024.”
Akpabio announced that the budget presentation will take place at the House of Representatives Chamber.
He further informed the lawmakers that plenary will be at 10:30 am to allow senators meet in the Red Chamber before moving in procession to the House of Representatives chamber where the budget will be presented.
Tinubu had last month submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both the Senate and the House of Representatives.
Akpabio directed the Senate Committee on Finance, National Planning, and Economic Affairs to consider the MTEF/FSP documents and report within one week.
Key parameters in the MTEF/FSP include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4%.
These figures formed the basis for consideration and approval of the proposed N47.9tn 2025 budget.
The Federal Executive Council in November approved a budget of N47.9 trillion for 2025, aimed at executing capital projects and managing the recurrent expenditures of the Federal Government.
The Minister of Budget and National Planning, Senator Atiku Bagudu, shared this information during a briefing with State House media following the meeting.
He mentioned that the council sanctioned the Medium-Term Expenditure Framework for 2025-2027. Additionally, he noted that the government set the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day.
The proposed budget for 2025 will have an exchange rate fixed at N1,400 to $1, with a target GDP growth of 6.4%.
Bagudu stated, “Moreover, the fiscal objectives are conservative as we aim to monitor the situation, even though we believe the projections will be surpassed. The budget size approved for presentation to the National Assembly in the MTEP is N47.9 trillion, which includes new borrowings of N9.2 trillion to cover the budget deficit for 2025.”
