President Bola Tinubu is set to present the 2025 budget proposal to the National Assembly on Tuesday, as announced by Senate President Godswill Akpabio during a plenary session on Thursday. This upcoming budget will mark President Tinubu’s second complete budget since he took office in May 2023.
Akpabio noted that the budget presentation will begin at 11:00 a.m. in the House of Representatives chamber. He stated, “His Excellency, the president of the Federal Republic of Nigeria, has indicated his intention to present the 2025 budget proposals and estimates to a joint sitting of the National Assembly on December 17, 2024, at 11:00 a.m. sharp, just like before.”
On December 3, the Senate approved the 2025-2027 Medium Term Expenditure Framework (MTEF) along with the Fiscal Strategy Paper (FSP), which outlines total spending of ₦47.9 trillion. This framework includes a new borrowing plan of ₦9.22 trillion, comprising both domestic and foreign loans.
The MTEF serves as a projection for the federal government’s spending over the next three years and is the basis for the national budget. It was approved with an exchange rate assumption of ₦1,400 per dollar and specified oil prices of $75, $76.2, and $75.3 per barrel for the years 2025, 2026, and 2027, respectively.
