President Bola Tinubu is set to present the proposed N47.9 trillion 2025 budget to the National Assembly next Tuesday, December 17, 2024.
Senate President Godswill Akpabio made the announcement during Thursday’s plenary session, stating that the presentation will take place at the House of Representatives Chamber.
According to Akpabio, the president has made his intention known to the National Assembly to present the 2025 budget to the joint Assembly. He also informed lawmakers that plenary will commence at 10:30 am to allow senators to meet in the Red Chamber before proceeding to the House of Representatives chamber for the budget presentation.
The proposed 2025 budget is based on key parameters outlined in the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025-2027.
These parameters 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%.
The Federal Executive Council approved the proposed N47.9 trillion budget in November, with new borrowings of N9.2 trillion to finance the budget deficit in 2025.
The Minister of Budget and National Planning, Senator Atiku Bagudu, disclosed that the fiscal objectives were conservative, aiming to ensure that projections are exceeded.
