President Bola Tinubu is set to present the 2025 Appropriation Bill, valued at N47.9 trillion, to a joint session of the National Assembly on Tuesday, December 17, 2024. This was disclosed by Senate President Godswill Akpabio during a plenary session on Thursday.
Akpabio confirmed, “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.”
This follows Tinubu’s earlier submission of the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to both chambers of the National Assembly. The framework proposed a total expenditure profile of N26.1 trillion for the 2025 fiscal year.
The Senate’s Committee on Finance, after two weeks of engagements with heads of Ministries, Departments, and Agencies (MDAs) on revenue and expenditure projections, approved the MTEF/FSP.
Key highlights of the framework include:
- An oil price benchmark of $75 per barrel.
- A daily oil production target of 2.06 million barrels per day (bpd).
- An exchange rate projection of N1,400 to $1.
- A gross domestic product (GDP) growth rate target of 6.4%.
- A borrowing plan of N9.22 trillion, encompassing both domestic and foreign sources.
The forthcoming budget presentation marks a significant step in formalizing the government’s fiscal plans for 2025.
