By Jemimah Wellington, JKNewsMedia Reporter
THE FEDERAL Government has unveiled plans to present the 2025 budget, valued at N47.9 trillion, to the National Assembly.
President Bola Tinubu will deliver the appropriation bill to a joint session on Tuesday, December 17, 2024.
Senate President Godswill Akpabio confirmed the announcement during plenary in Abuja on Thursday, adding that the presentation will take place in the House of Representatives’ chamber.
Earlier, President Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to both chambers of the National Assembly.
These documents form the foundation for the budget, outlining critical economic parameters and a three-year fiscal projection.
The MTEF/FSP, recently approved by the Senate, includes a $75 per barrel oil price benchmark, daily crude oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a GDP growth target of 6.4%.
The framework also proposes a borrowing plan of N9.22 trillion, combining domestic and foreign loans.
The 2025 budget aims to address Nigeria’s economic challenges, focusing on fiscal discipline and growth.
Key aspects include allocations for infrastructure, healthcare, and education while tackling revenue deficits and debt servicing.
During plenary, Akpabio directed the Senate Committee on Finance, National Planning, and Economic Affairs to fast-track its review of the MTEF/FSP.
The committee was tasked to submit its findings within one week, ensuring a seamless transition to budget deliberations.
