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National Tribune

Flagging The Conscience Of Truth

Tinubu Set to Present 2025 Budget to National Assembly This Week

ByWeb Manager

Nov 25, 2024

President Bola Tinubu is expected to present the 2025 national budget to the National Assembly this week, according to Senate spokesperson Yemi Adaramodu (APC, Ekiti South).

Adaramodu disclosed this during an interaction with journalists, noting that the Senate Committee on Finance is already reviewing the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted by the President last week.

“The President would likely present the 2025 budget this week or in earnest. The Finance Committee is meeting with the Ministries, Departments, and Agencies (MDAs) tomorrow [Monday],” Adaramodu said.

Budget Parameters and Projections

The proposed ₦47.9 trillion budget is built on key economic indicators outlined in the MTEF/FSP, including:

  • Oil Price Benchmark: $75 per barrel
  • Daily Oil Production: 2.06 million barrels
  • Exchange Rate: ₦1,400 to $1
  • GDP Growth Rate: 6.4%

The MDAs are scheduled to defend their 2024 expenditures and present projections for the 2025 fiscal year as part of the ongoing budget process.

Senate’s Preparations

The Senate President, Godswill Akpabio, has directed relevant committees to review the MTEF/FSP documents and report their findings within a week. Additionally, final touches are being made to the National Assembly chambers to address minor issues ahead of President Tinubu’s anticipated visit.

The budget presentation marks a critical step in the country’s fiscal planning, as it sets the tone for the economic direction in the coming year.

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