President Bola Tinubu, has been scheduled on Wednesday to present the 2025 budget proposal to the National Assembly during a joint session.
The Secretary of Research and Information at the National Assembly, Dr. Ali Barde Umoru, confirmed this development on Monday. He explained that preparations are underway, including the compilation of a list of accredited journalists and individuals authorized to access the chamber.
Speaking on the matter, Dr. Umoru stated, “The 2025 budget proposal will be presented during a joint session of the National Assembly, and all necessary arrangements for a smooth event are being finalized.”
This announcement comes after President Tinubu submitted the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly three weeks ago.
The Senate Committee on Finance has since approved the framework following discussions with heads of various Ministries, Departments, and Agencies regarding revenue and expenditure projections.
The proposed 2025 budget, as disclosed by the Minister of Budget and Economic Planning, Abubakar Bagudu, is estimated at N47.9 trillion, with new borrowings amounting to N9.22 trillion.
The fiscal parameters outlined in the Medium Term Expenditure Framework include an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, an exchange rate of N1,400 to the US dollar, and a projected GDP growth rate of 4.6 percent.
However, the National Assembly is expected to scrutinize the budget proposal, especially in light of the economic challenges facing the nation and the government’s plans for sustainable fiscal growth.
