Nigeria’s President, Asiwaju Bola Ahmed Tinubu, is set to present the N47.9 trillion 2025 budget to the National Assembly on December 17.
Senate President Godswill Akpabio announced this development at a plenary on Thursday.
“The president has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on the 17th of December, 2024,” Akpabio said.
On November 14, the federal government proposed N47.9 trillion as the total expenditure for the 2025 budget.
Tinubu later submitted the medium-term expenditure framework and fiscal strategy paper (MTEF/FSP) for 2025–2027 to both the Senate and the House of Representatives on November 19.
The MTEF/FSP outlines the parameters on which any national budget is based and also serves as a projection for the federal government’s three-year spending plan.
On December 3, the Senate approved the MTEF/FSP ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the key parameters include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels per day (bpd), an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
The expenditure framework also includes a new borrowing plan of N9.22 trillion, covering both domestic and foreign borrowings.
