President Bola Tinubu plans to officially present the government’s budget proposal for the year 2025 to the National Assembly on Tuesday. This announcement was made by the Senate President, Godswill Akpabio, during a Senate meeting.
Akpabio explained that the president informed the National Assembly of his intention to deliver this budget on December 17, 2024, during a special joint session involving both the Senate and the House of Representatives. The presentation will occur in the House of Representatives Chamber, which is where budget discussions take place.
In preparation for this, President Tinubu had previously submitted a document called the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for the years 2025 to 2027. This document outlines the government’s spending plan and economic strategy.
To ensure that the budget proposal is thoroughly examined, Akpabio instructed the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and provide their feedback within one week.
The parameters included in the MTEF/FSP are important as they guide the budget planning process. They outline key figures such as:
- An expected oil price of $75 per barrel,
- Daily oil production projected at 2.06 million barrels,
- An exchange rate expected to be about N1,400 to $1,
- A goal for the country’s economy to grow by 6.4%.
These figures will serve as the foundation for deciding on and approving the proposed budget, which aims to be around 47.9 trillion Naira for the year 2025.
