The Nigerian Senate has revealed that President Bola Ahmed Tinubu is set to present the 2025 budget, estimated at ₦47.9 trillion, to the National Assembly this week.
This development follows the submission of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 to both the Senate and the House of Representatives last Tuesday.
The MTEF/FSP outlines key economic indicators that will shape the budget. These include an oil price benchmark of $75 per barrel, a daily oil production target of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and a projected GDP growth rate of 6.4%.
Senate President Godswill Akpabio has tasked the Senate Committee on Finance, National Planning, and Economic Affairs with reviewing the MTEF/FSP and submitting their report within one week.
The ₦47.9 trillion budget, if approved, will be President Tinubu’s first full-year budget since assuming office. His administration has emphasized priorities such as infrastructure development, security, and economic revitalization.
Senate spokesperson Yemi Adaramodu (APC, Ekiti South) confirmed that the Finance Committee would meet with relevant Ministries, Departments, and Agencies (MDAs) on Monday to discuss the MTEF/FSP.
Adaramodu stated, “The President is likely to present the 2025 budget this week or very soon. The Senate Committee on Finance is already working on the Medium-Term Expenditure Framework and will meet with the MDAs tomorrow (Monday). The MDAs will defend their 2024 expenditures and project their 2025 budget.”
