President Bola Ahmed Tinubu is set present the N47.9 trillion 2025 Budget to the National Assembly (NASS) on Tuesday, December 17, 2024.
This was confirmed by the Senate President at a plenary on Thursday, December 12, 2204.
Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both the Senate and the House of Representatives last Tuesday.
Akpabio directed the Senate Committee on Finance, National Planning, and Economic Affairs to consider the MTEF/FSP documents and report within one week.
Key parameters in the MTEF/FSP 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%.
These figures form the basis for consideration and approval of the proposed N47.9tn 2025 budget.
Recall that in 2024, the federal government’s budget was presented under the theme “Renewed Hope.”
Initially set at N27.5 trillion (around $36.7 billion based on a N1/$700 exchange rate), the budget aimed to balance government spending against projected revenues.
However, the figures also revealed a substantial budget deficit of N9.18 trillion (approximately $12.2 billion), suggesting that the government planned to cover this gap through borrowing, external financing, or other fiscal mechanisms
