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Senate Confirms Tinubu Likely To Present 2025 Budget This Week

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1 month ago

Nov 25, 2024.

The Senate has announced that President Bola Tinubu is expected to present the 2025 budget to the National Assembly this week, as preparations intensify for the budget’s consideration.

EKO HOT BLOG reports that Senate spokesperson Yemi Adaramodu (APC, Ekiti South) disclosed that the Finance Committee would meet with Ministries, Departments, and Agencies (MDAs) on Monday to review the Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) submitted by Tinubu last week.

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“The President would likely present the 2025 budget this week or in earnest,” Adaramodu said. “The Senate Committee on Finance is already working on the Medium Term Expenditure Framework and will be meeting with the MDAs to assess their 2024 expenditure and project their 2025 budgets.”

The MTEF/FSP document, submitted to both the Senate and House of Representatives, outlines key economic parameters, including a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and a projected GDP growth rate of 6.4%. These figures will serve as the foundation for the proposed ₦47.9 trillion 2025 budget.

Senate 2025 Budget

Senate President Godswill Akpabio has tasked the Finance, National Planning, and Economic Affairs Committees with reviewing the MTEF/FSP documents and reporting their findings within a week.

Meanwhile, the Senate chamber is undergoing minor adjustments to prepare for Tinubu’s visit, as lawmakers brace for what is expected to be a detailed presentation of the government’s financial blueprint for the coming year.