President Bola Tinubu will present the 2025 budget next Tuesday, the Senate President, Godswill Akpabio, has disclosed.
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.
Drum Africa reports that Federal Executive Council in November approved N47.9tn for the 2025 budget, executing capital projects and managing the Federal Government’s recurrent expenditures.
The Minister of Budget and National Planning, Senator Atiku Bagudu, disclosed this in a briefing to State House media after the meeting.
He said the council approved the Medium-Term Expenditure Framework for 2025-2027.
He also stated that the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day.
The proposed 2025 budget will have an exchange rate pegged at N1,400 to $1, and the government is targeting a GDP growth of 6.4%.
Senator Bagudu said, “And equally, the fiscal objectives were conservative because we want to ensure that we study the course much as we believe the projections will be exceeded. The budget size approved for presentation to the National Assembly in the MTEP is N47.9tn, with new borrowings of N9.2tn to finance the budget deficit in 2025.”
