Tinubu to Present N47.9tn 2025 Budget to National Assembly Next Tuesday
By:Olufemi Orunsola
Senate President, Godswill Akpabio has announced that President Bola Tinubu is set to present the 2025 Appropriation Bill, totaling N47.9 trillion, to a joint session of the National Assembly on Tuesday, December 17, 2024.
Akpabio made this known during plenary session on Thursday.
In his words, "“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."
OPEN TELEVISION NAIJA OTN News gathered that week earlier, President Tinubu had submitted the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to both chambers of the National Assembly, proposing a total expenditure profile of N26.1 trillion for the 2025 fiscal year.
OTN News also gathered that the past couple of weeks have seen a sequences of detailed deliberations and interactive sessions with Ministries, Departments, and Agencies (MDAs), following which the Senate, through its Finance Committee, approved the MTEF/FSP, which
outlines key economic parameters such as an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels per day, daily oil production of 2.06 million barrels per day, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4 percent.
Meanwhile, the framework includes a borrowing plan of N9.22 trillion, covering both domestic and foreign loans.
Similarly, the proposed 2025 budget builds on the projections MTEF/FSP, reflecting the administration’s plans to drive economic growth and address fiscal challenges. The framework emphasizes robust revenue generation to fund critical sectors and reduce the deficit.
The President is expected to give a detailed thematic breakdown of the budget during his presentation of the budget to the National Assembly next Tuesday, justifying key priority areas for the upcoming fiscal year and provide insights into how the proposed N47.9 trillion will be allocated to relevant critical Sectors of the Nigerian economy.
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