- Budget Presentation: President Bola Tinubu will present the 2025 budget to the National Assembly on Tuesday, December 17, 2024.
- Budget Details: The proposed budget is estimated at N47.9 trillion, representing a 36.6% increase from the 2024 budget.
- Medium-Term Expenditure Framework: The Senate approved the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025-2027 on December 3.
President Bola Tinubu will present the 2025 budget proposal to the joint session of the National Assembly on Tuesday, December 17, 2024. This was announced by Senate President Godswill Akpabio during the plenary session on Thursday.
The proposed budget is estimated at N47.9 trillion, representing a significant increase from the 2024 budget. The Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025-2027, which was approved by the Senate on December 3, outlines key parameters for the budget, including:
Oil Price Benchmark: $75 per barrel
Daily Oil Production: 2.06 million barrels per day
Exchange Rate: N1,400 to one dollar
GDP Growth Rate: 6.4%
New Borrowing Plan: N9.22 trillion, constituting both domestic and foreign borrowings
The budget presentation will take place at the House of Representatives’ chamber.
