President Bola Ahmed Tinubu is set to present the 2025 budget proposal to a joint session of the National Assembly on Wednesday, November 27.
The confirmation came from Dr. Ali Barde Umoru, Secretary of Research and Information at the National Assembly, on Monday.
Dr. Umoru disclosed that preparations are underway for the budget presentation, including compiling a list of accredited journalists and individuals allowed into the chamber for the event.
The proposed 2025 budget, totaling N47.9 trillion, includes N9.22 trillion in new borrowings, according to the Minister of Budget and Economic Planning, Abubakar Bagudu.
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The budget is built on projections outlined in the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, which President Tinubu forwarded to the National Assembly three weeks ago.
The Senate Committee on Finance has already approved the MTEF following detailed consultations with heads of Ministries, Departments, and Agencies (MDAs) to evaluate revenue and expenditure projections.
Grassroots Parrot reports the key parameters of the framework which include- Oil price benchmark of $75 per barrel, Oil production targets 2.06 million barrels per day, also Exchange rate of N1,400 to the US dollar and GDP growth rate of 4.6 percent respectively
The 2025 budget is seen as a critical tool in achieving the Tinubu administration’s economic objectives, particularly in addressing fiscal challenges, boosting domestic production, and reducing reliance on external borrowing.
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It comes at a time of significant economic reforms, including the removal of fuel subsidies and the unification of exchange rates, which have drawn both praise and criticism from various stakeholders.
The National Assembly, comprising the Senate and House of Representatives, has set the stage for the budget presentation.
The event will provide an opportunity for President Tinubu to outline his administration’s fiscal priorities for the coming year and beyond.
This presentation will also set the tone for deliberations on key national issues, with lawmakers expected to scrutinize the budget in detail before its passage.
All eyes will be on Wednesday’s session as Nigerians anticipate insights into the government’s plans to navigate economic challenges and foster growth in 2025.