President Bola Tinubu is gearing up to present the 2025 budget, totalling ₦47.9 trillion, to the National Assembly on Tuesday, 17th December.
The President of the Senate, Godswill Akpabio, confirmed the news during plenary on Thursday.
“The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on the 17th of December, 2024,” Akpabio announced.
The presentation will take place in the chamber of the House of Representatives at 11:00 a.m.
The budget proposal follows the approval of the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 by the Senate on 3 December.
The MTEF/FSP is a three-year financial blueprint that sets key assumptions and parameters on which the budget is based.
Key projections in the framework include an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, and an exchange rate of ₦1,400 to $1.
The framework also targets a 6.4 per cent GDP growth rate and incorporates a borrowing plan of ₦9.22 trillion, comprising domestic and foreign loans, to fund critical projects.
This will be Tinubu’s second budget presentation to the National Assembly since assuming office.
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