Tinubu to Present N47.9 Trillion 2025 Budget to National Assembly Next Tuesday
President Bola Tinubu is set to formally present the 2025 budget to the National Assembly on Tuesday, December 17, 2024. This was disclosed by Senate President Godswill Akpabio during Thursday’s plenary session.
Akpabio announced that the presentation will take place at the House of Representatives Chamber, with plenary starting at 10:30 a.m. to allow senators to meet briefly in the Red Chamber before proceeding to the joint session.
The proposed N47.9 trillion budget is based on the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027, which President Tinubu submitted to the National Assembly last month. The framework outlines key economic indicators, including:
- Crude oil benchmark price: $75 per barrel
- Daily oil production target: 2.06 million barrels
- Exchange rate: N1,400 to $1
- GDP growth target: 6.4%
In November, the Federal Executive Council approved the 2025 budget parameters, focusing on funding capital projects and managing recurrent expenditures. Senator Atiku Bagudu, the Minister of Budget and National Planning, highlighted the government’s commitment to a conservative fiscal approach aimed at maintaining economic stability while achieving growth targets.
To finance the proposed budget deficit of N9.2 trillion, the government plans to secure new borrowings. This is part of efforts to balance revenue generation with expenditure demands.
Senate President Akpabio has directed the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and submit their report within one week to facilitate further deliberations.
President Tinubu’s presentation will set the stage for a robust legislative review as the government seeks to implement its strategic fiscal and economic goals for 2025.
