Tinubu to Present ₦47.9trn 2025 Budget to National Assembly on Tuesday
Written by Olakunle Oke on December 13, 2024
President Bola Tinubu is set to present the 2025 proposed budget to a joint session of the National Assembly on Tuesday, December 17, 2024. The announcement was made by Senate President Godswill Akpabio during a plenary session.
The proposed budget, totaling ₦47.9 trillion, was earlier unveiled by the Minister of Budget and Economic Planning, Atiku Bagudu. This represents a 36.6% increase compared to the 2024 Federal Government of Nigeria (FGN) aggregate expenditure estimate of ₦35.06 trillion.
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The budget presentation is expected to outline key fiscal policies and spending priorities for the upcoming year. The Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025-2027, which were submitted by President Tinubu to the National Assembly on November 19, 2024, will also be presented.
The MTEF/FSP provide parameters for the budget, including a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels per day (bpd), an exchange rate of ₦1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
