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The Nigerian Senate has announced that President Bola Tinubu is expected to present the 2025 national budget this week.
Speaking on Sunday, Senate spokesperson Yemi Adaramodu (APC, Ekiti South) suggested that the presentation could happen “this week or very soon,” emphasizing the administration’s dedication to efficient fiscal planning and meeting budgetary timelines.
Adaramodu noted that the Senate Committee on Finance is already reviewing the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which are critical steps before the budget’s presentation. He mentioned that the committee would meet with Ministries, Departments, and Agencies (MDAs) on Monday to assess their 2024 spending plans and discuss projections for 2025.
Last Tuesday, President Tinubu submitted the MTEF/FSP for 2025–2027 to both legislative chambers. Senate President Godswill Akpabio has since instructed the relevant committees on finance, national planning, and economic affairs to examine the documents and provide a report within a week.
The MTEF/FSP proposes key economic indicators, including a $75 per barrel oil price benchmark, daily oil production of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and an estimated GDP growth rate of 6.4%. These parameters will underpin discussions on the proposed ₦47.9 trillion budget for 2025.
