President Bola Tinubu is expected to present the 2025 budget proposal, recently approved by the Federal Executive Council to the National Assembly today, Friday, November 15.
The federal government has earmarked ₦47.9 trillion for the 2025 fiscal year, a budget that includes ₦9.22 trillion in new borrowings.
The budget and associated figures received approval at the FEC meeting held on Thursday at Aso Rock Villa in Abuja, under the leadership of President Tinubu. Minister of Budget and Economic Planning, Atiku Bagudu, conveyed these details to State House correspondents following the meeting.
Additionally, Bagudu shared that the Council has approved the Medium Term Expenditure Framework for the period 2025-2027, which will be forwarded to the National Assembly by either Friday, November 15, or Monday, November 18.
Bagudu expressed confidence that despite the timing of the submission, the budget proposal would receive National Assembly approval before the year’s end. He attributed this optimism to the strong working relationship between the executive and legislative branches, noting that both sides are committed to maintaining the January to December budget cycle.
“We are confident because we have built a respectable relationship with the National Assembly. We have narrowed the areas of misunderstanding. And because of that mutual respect, Mr. President is very transparent with the National Assembly leadership. And the National Assembly appreciates that openness,” Bagudu stated.
He emphasized President Tinubu’s directive to his team to work closely with the National Assembly, highlighting the collaborative approach led by the Coordinating Minister of the Economy. This team has been instructed not only to attend committee hearings but to proactively engage with the National Assembly and respond to any questions raised.
“So, I’m confident because of this combination of factors. With this cooperation, I believe we’ll see an expeditious consideration, and immediately we are aware of the approval, we will finalise the budget because the MTEF precedes the budget preparation,” Bagudu concluded.
