Rita Odafe
The Nigerian Senate has announced that President Bola Ahmed Tinubu will unveil the 2025 budget, projected at ₦47.9 trillion, later this week.
This announcement follows the recent submission of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the period spanning 2025 to 2027, presented to both the Senate and the House of Representatives last Tuesday.
The MTEF/FSP provides essential economic indicators that will shape the upcoming budget, including a $75 per barrel oil price target, a daily oil output goal of 2.06 million barrels, an exchange rate fixed at ₦1,400 to the dollar, and an anticipated GDP growth rate of 6.4%.
Senate President Godswill Akpabio has instructed the Senate Committee on Finance, National Planning, and Economic Affairs to examine the MTEF/FSP and return with their findings within a week.
If passed, the ₦47.9 trillion budget will mark Tinubu’s inaugural full-year budget since taking office, with a clear commitment to enhancing infrastructure, security, and economic recovery.
As stated by Senate spokesperson Yemi Adaramodu ( APC, Ekiti South), the Finance Committee will confer with Ministries, Departments, and Agencies (MDAs) this coming Monday.
He noted, “The President is expected to present the 2025 budget this week or soon.
“Work is ongoing by the Senate Committee on Finance regarding the Medium Term Expenditure Framework. There will be discussions with the MDAs tomorrow (Monday).
“The MDAs are anticipated to justify their 2024 spending and outline their budget proposals for 2025.”
