Nigerian President Bola Tinubu scheduled to presents the 2025 budget to the joint session of the National Assembly on 17th December, 2024, at the chamber of House of Representatives. President of Senate, Godswill Akpabio, disclosed this during the plenary on Thursday.
Recall that November 14, the Federal Government proposed N47.9 trillion as the total expenditure in the 2025 budget.
Tinubu later submitted the medium-term expenditure framework and fiscal strategy paper (MTEF/FSP) for 2025–2027 to both the Senate and the House of Representatives on November 19.
The MTEF/FSP are parameters any budget of the country is premised on, and also serve as a projection of a three-year spending plan of the Federal Government.
The Senate later approved the MTEF/FSP ahead of the consideration of the 2025 budget proposal on December 3.
In the MTEF/FSP, the key parameters include a 75 dollar oil price benchmark per barrel, daily oil production of 2.06 million barrels per day, bpd, an exchange rate of N1, 400 to one dollar and a targeted gross domestic product, GDP, growth rate of 6.4 per cent.
The expenditure framework also has a new borrowing plan of N9.22 trillion, which constitutes both domestic and foreign borrowings.