The Nigerian Senate has announced that President Bola Tinubu is scheduled to present the 2025 national budget later this week.
Senate spokesperson Yemi Adaramodu (APC, Ekiti South) confirmed on Sunday that the budget presentation will occur either this week or shortly thereafter, emphasizing the government’s commitment to sound fiscal planning and timely budget submissions.
Adaramodu further disclosed that the Senate Committee on Finance is currently reviewing the Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), which are key documents that precede the budget presentation.
On Monday, the committee is set to engage with Ministries, Departments, and Agencies (MDAs) to discuss their 2024 expenditure plans and set projections for the 2025 budget.
Last Tuesday, President Tinubu submitted the MTEF/FSP for the 2025–2027 period to the National Assembly. In response, Senate President Godswill Akpabio instructed the finance, national planning, and economic affairs committees to review the documents and present their report within the week.
The MTEF/FSP outlines key economic projections, including a $75 per barrel oil price benchmark, a daily oil production target of 2.06 million barrels, an exchange rate of N1,400 to $1, and a projected GDP growth rate of 6.4%. These figures will guide the discussions around the proposed N47.9 trillion 2025 budget.
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