Barring any unseen odds, President Bola Tinubu is set to present the 2025 budget to a joint session of the National Assembly next Tuesday.
Senate President Godswill Akpabio announced during Thursday’s 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 further revealed that the presentation would take place in the House of Representatives Chamber, with plenary scheduled for 10:30 AM. This will allow senators to convene in the Red Chamber before proceeding in procession to the House of Representatives.
Last month, President Tinubu submitted the Medium-Term Expenditure Framework , MTEF, and the Fiscal Strategy Paper , FSP, for the 2025–2027 period to both chambers of the National Assembly. Akpabio instructed the Senate Committee on Finance, National Planning, and Economic Affairs to review these documents and report back within a week.
The MTEF/FSP outlines key fiscal assumptions for the 2025 budget, including a crude oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a target GDP growth rate of 6.4%. These parameters are central to the proposed N47.9 trillion budget for 2025.
In a related development, the Federal Executive Council approved the N47.9 trillion budget in November, which focuses on funding capital projects and managing recurrent expenditures. Minister of Budget and National Planning, Senator Atiku Bagudu, confirmed this following a meeting with State House media.
Bagudu highlighted that the government had pegged the oil price at $75 per barrel and daily production at 2.06 million barrels. He also reiterated the exchange rate of N1,400 to $1 and the target GDP growth of 6.4%.
“The fiscal objectives were conservative because we want to ensure that we study the course, much as we believe the projections will be exceeded,” Bagudu explained.
The budget also includes plans for N9.2 trillion in new borrowings to cover the deficit.
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