Tinubu to present N47.9trn 2025 budget to N’Assembly Dec 17
President Bola Tinubu will present the 2025 budget to the National Assembly next Tuesday, December 17, 2024, Senate President Godswill Akpabio has announced.
Akpabio made this known during Thursday’s plenary session, stating that the presentation will take place at the House of Representatives Chamber.
“The president has made his intention known to present the 2025 budget to the joint session of the National Assembly on December 17, 2024,” Akpabio said.
He further noted that plenary would convene at 10:30 am to allow senators to meet briefly in the Red Chamber before proceeding to the House of Representatives for the budget presentation.
The proposed budget, amounting to N47.9 trillion, is based on key parameters outlined in the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027, earlier submitted by Tinubu. These 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%.
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The Federal Executive Council approved the budget in November, which aims to finance capital projects and meet the Federal Government’s recurrent expenditures. The budget will also include new borrowings of N9.2 trillion to address the deficit.
The Minister of Budget and National Planning, Senator Atiku Bagudu, described the fiscal projections as conservative, adding that the government expects to surpass these estimates.
Bagudu remarked, “The budget size approved for presentation is N47.9 trillion, and it reflects our commitment to prudent fiscal management while addressing developmental priorities.”
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