Barring any unforeseen circumstances, President Bola Tinubu will on Tuesday, December 17 present the N47.9trillion 2025 budget proposal before the joint session of the National Assembly.
Senate President, Senator Godswill Akpabio dropped the hint at the end of plenary session on Thursday.
He urged all Senators to be in the Red Chamber at 10.30a.m from where they would proceed to the Green Chamber in the House of Representatives for the joint session of budget presentation.
Federal Executive Council, FEC, had on November 15, approved N47.9trn for the 2025 budget, executing capital projects and managing the Federal Government’s recurrent expenditures.
The Minister of Budget and National Planning, Senator Atiku Bagudu, disclosed this in a briefing to State House media after the FEC meeting.
He said the council approved the Medium-Term Expenditure Framework, MTEF, for 2025-2027, adding that the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day.
The proposed 2025 budget will have an exchange rate pegged at N1,400 to $1, and the government is targeting a GDP growth of 6.4%.
Senator Bagudu said: “And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded. The budget size approved for presentation to the National Assembly in the MTEP is N47.9 trillion, with new borrowings of N9.2 trillion to finance the budget deficit in 2025.
“We need to sustain the commendable market deregulation of petroleum prices and exchange rates, compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even consider amending the relevant sections of the Petroleum Industry Act 2021 to address the significant risk to Federation.”
“The Federal Executive Council approved the Medium-Term Expenditure Framework and the Fiscal Strategy Paper, which will be submitted to the National Assembly.
“In addition to bills already at the National Assembly, the economic stabilisation bills and tax reform bills, which we believe will have a robust growth in 2025.”
