The Senate has disclosed that President Bola Tinubu is expected to present the 2025 national budget within the week, according to Senate spokesperson Yemi Adaramodu (APC, Ekiti South).
Adaramodu stated that the Senate Finance Committee would meet with various Ministries, Departments, and Agencies (MDAs) on Monday to review their 2024 expenditures and outline projections for 2025.
He added, “The President would likely present the 2025 budget this week or very soon. The Senate Committee on Finance is already working on the Medium Term Expenditure Framework (MTEF) and will engage with the MDAs tomorrow. The MDAs are expected to defend their 2024 expenditure and project their 2025 budgets.”
President Tinubu had submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to the National Assembly last Tuesday. Senate President Godswill Akpabio has directed the relevant committees to review the MTEF/FSP and report back within one week.
Key figures in the MTEF/FSP include:
- Oil Price Benchmark: $75 per barrel
- Daily Oil Production: 2.06 million barrels
- Exchange Rate: ₦1,400 to $1
- GDP Growth Rate Target: 6.4%
These parameters are expected to form the foundation for the proposed ₦47.9 trillion 2025 budget.
Additionally, ongoing repairs in the Senate chamber have been noted in preparation for President Tinubu’s anticipated visit. The budget presentation is poised to mark a significant step in advancing the administration’s fiscal policies for the coming year.
