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Tinubu Set To Present Adjusted 2025 Budget To National Assembly Wednesday

Published

7 hours ago

Dec 17, 2024.

The Federal Executive Council (FEC) has approved the 2025 budget proposal, with President Bola Tinubu set to present the N47.96tn appropriation bill to the National Assembly on Wednesday.

Originally scheduled for Tuesday, the presentation was postponed to allow for final refinements, as confirmed by the Minister of State for Agriculture, Sabi Abdullahi.

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EKO HOT BLOG reports that Speaking with journalists, Abdullahi explained that the adjustments would align the budget with fiscal strategies laid out in the Medium-Term Expenditure Framework (MTEF) for 2025-2027, which the Senate approved on November 22.

The MTEF establishes key economic assumptions, including an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, and a projected GDP growth rate of 4.6%.

The proposed N47.96tn expenditure includes projected revenue of N34.82tn and a deficit of N13.13tn, representing 3.89% of GDP.

Tinubu 2025 Budget

Minister of Budget and Economic Planning, Abubakar Bagudu, noted that these figures reflect a 36.8% increase from the 2024 budget. Bagudu stated that amendments were made following a presentation by the Director-General of the Budget Office, Tanimu Yakubu, during Monday’s FEC meeting.

The budget’s postponement highlights the administration’s commitment to ensuring a seamless presentation process.

While some delays occurred, Bagudu assured that the January-December budget cycle would remain intact.

He added that the government is confident in meeting its crude oil production target and improving non-oil revenue streams.

During the 2024 budget performance review, Bagudu reported robust results, with 75% of revenue targets achieved by September 30, driven by strong non-oil revenue and deregulation in the petroleum sector.

Debt servicing and personnel expenses have also performed at 100%, reflecting fiscal discipline under Tinubu’s administration.

The President’s budget presentation is expected to reinforce transparency and collaboration between the executive and legislative branches as the country navigates its ambitious economic goals for 2025.