Tinubu may present N47.9tr 2025 budget this week – Senate

The Senate said on Sunday President Bola Tinubu would likely present the N47.9 trillion 2025 budget to the National Assembly this week.

The Senate spokesman, Yemi Adaramodu, disclosed this at a media briefing in Abuja.

He said the Senate Committee on Finance would meet with the Ministries, Departments, and Agencies (MDAs) on Monday to discuss the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) for 2025-2027.

Adaramodu said: “The President would likely present the 2025 budget this week or in earnest.

“The Senate Committee on Finance is already working on the Medium Term Expenditure Framework and would be meeting with the MDAs tomorrow (Monday). The MDAs are expected to defend their 2024 expenditure and also project their 2025 budget.”

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President Tinubu submitted the MTEF and FSP documents to both the Senate and the House of Representatives last Tuesday.

The documents outline key parameters for the 2025 budget, including a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4%.

These figures formed the basis for consideration and approval of the proposed 2025 budget.

The Senate Committee on Finance, National Planning, and Economic Affairs has been directed to consider the MTEF/FSP documents and report within one week.

The committee’s report will play a crucial role in shaping the final version of the 2025 budget.

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