President Bola Tinubu is set to present the N47.9 trillion 2025 Appropriation Bill to the National Assembly on Tuesday, December 17, 2024.
Senate President Godswill Akpabio made this announcement at a plenary session 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.
Weeks ago, Tinubu forwarded the 2024 – 2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to both chambers of the National Assembly, proposing a total expenditure of N26.1 trillion for the 2025 fiscal year.
The Senate, through its Finance Committee, approved the MTEF following two weeks of interactive sessions with heads of Ministries, Departments, and Agencies regarding revenue and expenditure projections.
The MTEF/FSP includes key parameters such as 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 GDP growth rate target of 6.4 percent.
Additionally, the expenditure framework includes a new borrowing plan of N9.22 trillion, which will consist of both domestic and foreign borrowings.
