President Bola Tinubu is set to present the N47.9 trillion 2025 budget to the national assembly on December 17.
Senate President Godswill Akpabio announced the development at a 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 said.
On November 14, the federal government proposed N47.9 trillion as the total expenditure in the 2025 budget.
Tinubu later submitted the medium-term expenditure framework and fiscal strategy paper (MTEF/FSP) for 2025–2027 to both the senate and the house of representatives on November 19.
The MTEF/FSP are parameters any budget of the country is premised on and also serve as a projection of a three-year spending plan of the federal government.
On December 3, the senate approved the MTEF/FSP ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the key parameters include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels per day (bpd), an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
The expenditure framework also has a new borrowing plan of N9.22 trillion which constitutes both domestic and foreign borrowings.
The Cable
