On Tuesday, December 17, 2024, a joint session of the National Assembly will hear President Bola Tinubu’s presentation of the 2025 budget.
At 11:00 a.m., the presentation will start in the House of Representatives chamber.
The Senate recently approved the 2025–2027 Medium Term Spending Framework (MTEF) and Fiscal Strategy Paper (FSP), which outlines a total spending of ₦47.9 trillion.
A fresh borrowing plan of ₦9.22 trillion, involving both local and foreign sources, is part of this framework. The following are important MTEF/FSP parameters:
- Oil Price Benchmark: $75 per barrel
- Daily Oil Production: 2.06 million barrels
- Exchange Rate: ₦1,400 to $1
- Targeted GDP Growth Rate: 6.4%
The projected 2025 budget, which would be President Tinubu‘s second comprehensive budget presentation to the National Assembly, will be based on these numbers.
Senator Bagudu said, “And equally, the fiscal objectives were conservative because we want to ensure that we study the course much as we believe the projections will be exceeded. The budget size approved for presentation to the National Assembly in the MTEP is N47.9tn, with new borrowings of N9.2tn to finance the budget deficit in 2025.”
