By Balogun Tumininu
President Bola Tinubu is set to present the 2025 budget to the joint assembly of the National Assembly next Tuesday, December 17. This was announced by Senate President Godswill Akpabio during Thursday’s plenary session.
The budget presentation will take place at the House of Representatives’ chamber, marking a significant step in the budget approval process. President Tinubu had earlier submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025-2027 to both the Senate and the House of Representatives.
The proposed 2025 budget is estimated at N47.9 trillion, representing a 36.6% increase compared to the 2024 Federal Government of Nigeria aggregate expenditure estimate of N35.06 trillion.
Key parameters in the Medium-Term Expenditure Framework and Fiscal Strategy Paper include:
– Oil Price Benchmark: $75 per barrel
– Daily Oil Production: 2.06 million barrels
– Exchange Rate: N1,400 to $1
– Targeted GDP Growth Rate: 6.4%
These figures form the basis for consideration and approval of the proposed 2025 budget. The Senate Committee on Finance, National Planning, and Economic Affairs has been directed to consider the MTEF/FSP documents and report within one week.