The Federal Government has given its approval for the 2025 budget proposal on Monday.
This comes after the Senate’s endorsement of the Medium-Term Expenditure Framework 2025 – 2027 on November 22.
President Bola Tinubu is now expected to present the proposed N47.96tn budget to the joint session of the National Assembly on Wednesday. The exercise, earlier slated for Tuesday (today), was postponed to allow the executive arm to make final adjustments to the budget.
A top management official of the National Assembly confirmed the postponement on Monday, which was further corroborated by the Minister of State for Agriculture, Sabi Abdullahi.
Speaking to Senate Press Corps journalists on Monday, Abdullahi said, “The budget presentation has been postponed from Tuesday to Wednesday. The executive just needs to make one or two adjustments to the budget.”
Previously, Senate President, Godswill Akpabio, had announced during a plenary session that the President would present the budget on Tuesday at the House of Representatives chamber.
Akpabio added that plenary would begin at 10:30am to allow senators convene in the Red Chamber before proceeding in a procession to the House chamber for the presentation.
The forthcoming budget presentation is expected to align with the fiscal strategies outlined in these documents.
The revised schedule underscores the importance of ensuring all necessary refinements are made to the budget before it is formally presented to the legislature.
The budget size remains N47.96tn as the MTEF proposed, with new borrowings of N9.22tn, the Minister of the Budget and Economic Planning, Abubakar Bagudu, told journalists after the Federal Executive Council meeting at the Aso Rock Villa, Abuja.
The council approved the MTEF and Fiscal Strategy Paper on November 14, 2024. The MTEF, a critical tool the FG uses to outline its fiscal strategy over three years, establishes macroeconomic assumptions and targets that guide national budgeting. It also includes projections of key economic variables such as oil prices, exchange rates, inflation and growth rates.
For the 2025-2027 period, the MTEF sets out parameters, including an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, an exchange rate of N1,400 to the US dollar, and a GDP growth rate of 4.6 per cent. Its projected aggregate expenditure for 2025 is N47.96tn, with planned borrowing of N13.8tn, equating to 3.87 per cent of GDP.
