President Bola Tinubu is scheduled to present the 2025 budget proposal to the National Assembly on Tuesday, according to Senate President Godswill Akpabio, who made the announcement during plenary on Thursday.
This will mark President Tinubu’s second full budget presentation since assuming office in May 2023.
Akpabio confirmed that the presentation will take place at 11:00 a.m. in the House of Representatives chamber.
“His Excellency, the president of the Federal Republic of Nigeria, has indicated his intention to bring the 2025 budget proposals and estimates to a joint sitting of the National Assembly on 17th day of December, 2024.
“That will be at 11:00 a.m., prompt. That will be at the House of Representatives as usual. I am talking about Tuesday next week,” Akpabio said.
On December 3, the Senate approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), which outlines a total spending of ₦47.9 trillion.
The approved expenditure framework includes a new borrowing plan of ₦9.22 trillion, comprising both domestic and foreign borrowings.
The MTEF serves as a projection of the federal government’s three-year spending plan and forms the basis for the national budget.
The framework was approved with an exchange rate assumption of ₦1,400 to the dollar and oil prices set at $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.