President Bola Ahmed Tinubu is set to present the 2025 Appropriation Bill to the National Assembly on Tuesday, 17 December 2024.
The announcement was made by Senate President Godswill Akpabio during Thursday’s plenary session in Abuja.
“The president has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on the 17th of December, 2024,” Akpabio stated. The presentation is scheduled to take place in the House of Representatives Chamber.
Ahead of this key event, President Tinubu had earlier submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both the Senate and the House of Representatives. These documents outline critical economic parameters for the proposed ₦47.9 trillion budget, which include:
– An oil price benchmark of $75 per barrel,
– Daily oil production of 2.06 million barrels,
– An exchange rate of ₦1,400 to $1, and
– A GDP growth target of 6.4 percent.
The Senate Committee on Finance, National Planning, and Economic Affairs has been tasked with reviewing the MTEF/FSP and is expected to submit its report within one week. These economic indicators will form the foundation for the government’s spending plan and economic objectives for 2025.
President Tinubu’s administration has outlined its goal of driving economic growth and addressing fiscal challenges as it prepares the national budget for the coming year. The proposed budget is expected to play a central role in achieving these objectives.
