The Nigerian Senate has announced that President Bola Ahmed Tinubu is set to present the 2025 national budget, estimated at ₦47.9 trillion, within the week. This was disclosed by Senate spokesperson Yemi Adaramodu (APC, Ekiti South) during a statement on Sunday.
Adaramodu hinted that the budget presentation is expected to take place “this week or in earnest,” reflecting the administration’s commitment to timely fiscal planning.
The Senate Committee on Finance is currently reviewing the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027, which serve as critical prerequisites for the budget presentation.
“The committee is working diligently and will meet with the Ministries, Departments, and Agencies (MDAs) tomorrow (Monday) to finalize preparations,” Adaramodu stated.
The MDAs are scheduled to defend their 2024 expenditure reports while presenting their financial projections for 2025. This step is crucial for aligning the budget with national priorities and economic goals.
President Tinubu submitted the MTEF/FSP to the National Assembly last Tuesday. The document outlines essential economic benchmarks, including an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and a GDP growth rate of 6.4%. These parameters will guide discussions on the proposed 2025 budget and its allocations.
Senate President Godswill Akpabio has tasked the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and submit their report within a week. The committee’s findings will influence deliberations on the budget’s feasibility and implementation strategies.
The ₦47.9 trillion budget is expected to address critical sectors, bolster economic growth, and align with President Tinubu’s administration’s policy objectives.
The upcoming budget presentation signals the government’s focus on transparency and efficient fiscal management. As the review process unfolds, Nigerians await details of how the 2025 budget will address national priorities amidst current economic challenges.
