Senate Confirms President Tinubu Likely To Present 2025 Budget This Week
The Senate has announced that President Bola Tinubu is expected to present the 2025 budget to the National Assembly this week. Senate spokesperson, Yemi Adaramodu (APC, Ekiti South), disclosed this during a press briefing, adding that the Finance Committee will meet with key Ministries, Departments, and Agencies (MDAs) to finalize preparations.
Key Updates and Preparations
Adaramodu revealed that the Senate Committee on Finance is actively reviewing the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027, submitted by President Tinubu last week. These documents outline the framework for the proposed N47.9 trillion 2025 budget and include critical economic parameters:
•Oil price benchmark: $75 per barrel
•Daily oil production: 2.06 million barrels
•Exchange rate: ₦1,400 to $1
•GDP growth rate: 6.4%
The MDAs are scheduled to defend their 2024 expenditures and project their 2025 budgets during meetings starting Monday.
Senate Leadership’s Role
Senate President Godswill Akpabio has directed the Finance, National Planning, and Economic Affairs Committees to review the MTEF/FSP and submit their reports within a week. These evaluations are critical for aligning the nation’s fiscal policies with the proposed budget.
Ongoing Preparations for Budget Presentation
Reports indicate that minor repairs are underway in the Senate chambers to ensure smooth proceedings during President Tinubu’s visit.
The presentation of the 2025 budget marks a significant step in Tinubu’s administration’s efforts to address Nigeria’s economic challenges, focusing on fiscal sustainability and growth-driven reforms.
