Senate President Godswill Akpabio has announced that President Bola Tinubu will present the 2025 budget next Tuesday.
The Senate President made this known announcement during plenary on Thursday.
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 indicated that Tinubu’s budget presentation would take place in the House of Representatives Chamber.
He also informed the members that plenary will begin at 10:30 a.m., allowing senators to gather in the Red Chamber before proceeding to the House of Representatives chamber, where the budget would be presented.
Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025-2027 to the Senate and House of Representatives last month.
Akpabio asked the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP materials and report back within a week.
The MTEF/FSP’s key factors are a $75 oil price benchmark per barrel, 2.06 million barrels of daily oil output, an exchange rate of N1,400 to $1, and a 6.4% GDP growth objective.
These estimates served as the foundation for assessment and adoption of the proposed N47.9 trillion 2025 budget.
It was gathered that the Federal Executive Council in November approved N47.9tn for the 2025 budget, executing capital projects and managing the Federal Government’s recurrent expenditures.
Senator Atiku Bagudu, Minister of Budget and National Planning, said this in a post-meeting media briefing at the State House.
He stated that the council approved the Medium-Term Expenditure Framework for 2025-2027.
He also added that the Tinubu-led Federal Government set the crude oil benchmark at $75 per barrel and estimated oil production at 2.06 million barrels per day.
The planned 2025 budget calls for an exchange rate of N1,400 to $1, with a 6.4% GDP growth target.
Senator Bagudu said, “And equally, the fiscal objectives were conservative because we want to ensure that we study the course as 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.”
