President Bola Tinubu will on Tuesday, December 17, lay before a joint session of the National Assmebly the 2025 budget proposals and estimates during which he will also deliver a speech.
Godswill Akpabio, President of the Senate stated this during the plenary session on Thursday.
The proposed 2025 budget is estimated at N47.9 trillion, representing a 36.6% increase (or about ₦12.85 trillion) compared to the 2024 Federal Government of Nigeria (FGN) aggregate expenditure estimate of ₦35.06 trillion.
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Last week, the Senate approved the 2025–2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which paver the way for President Tinubu to present the 2025 Appropriation Bill to the National Assembly.
The expenditure framework also includes a borrowing plan of ₦9.22 trillion which constitutes both domestic and foreign borrowings.
Other key provisions of the adopted framework include an oil benchmark price of $75 per barrel for 2025, $76.2 per barrel for 2026, and $75.3 per barrel for 2027.
Additionally, domestic crude oil production is projected at 2.06 million barrels per day for 2025, an increase from the current year’s 1.78 million barrels per day.
The framework also anticipates GDP growth rates of 4.6 per cent in 2025, 4.4 per cent in 2026, and 5.5 per cent in 2027. Furthermore, the exchange rate has been pegged at ₦1,400 to the US dollar for the three-year period.
President Tinubu formally transmitted the MTEF/FSP to the National Assembly on Tuesday, 19 November 2024, for their consideration, following its approval by the Federal Executive Council.
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