President Bola Ahmed Tinubu will present the N47.9 trillion 2025 budget to national assembly on December 17.
Gatekeepers News reports that Senate President Godswill Akpabio announced this at a plenary on Thursday.
He said, “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.”
Federal government had on November 14, proposed N47.9 trillion as the total expenditure in the 2025 budget.
Subsequently, Tinubu submitted the medium-term expenditure framework and fiscal strategy paper (MTEF/FSP) for 2025–2027 to both Senate and House of Representatives on November 19.
The Senate approved the MTEF/FSP ahead of the consideration of the 2025 budget proposal on December 3.
Key parameters in the MTEF/DSP include 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 targeted gross domestic product (GDP) growth rate of 6.4 percent.
The expenditure framework also has a new borrowing plan of N9.22 trillion which constitutes both domestic and foreign borrowings.
