President Bola Tinubu is set to present the 2025 budget to a joint session of the National Assembly on Tuesday, marking a significant step in Nigeria’s fiscal planning.
Key Details of the Budget Presentation
Senate President Godswill Akpabio confirmed during Thursday’s plenary that the presentation will take place in the House of Representatives chamber.
Earlier, the Federal Government proposed a total expenditure of ₦47.9 trillion for the 2025 fiscal year, as announced on November 14. Subsequently, President Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to both chambers of the National Assembly on November 19.
The MTEF/FSP outlines the parameters for the nation’s budget and provides a projection for government spending over three years. On December 3, the Senate approved these documents, paving the way for the budget’s consideration.
Highlights of the 2025 MTEF/FSP
- Oil Price Benchmark: $75 per barrel.
- Daily Oil Production: 2.06 million barrels per day.
- Exchange Rate: ₦1,400 to $1.
- GDP Growth Target: 6.4%.
- New Borrowing Plan: ₦9.22 trillion (domestic and foreign borrowings).
This comprehensive framework reflects the Federal Government’s approach to addressing economic challenges and driving growth through strategic fiscal policies.
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