President Bola Tinubu is set to present the 2025 budget proposal to the National Assembly on Tuesday, December 17, 2024. Senate President Godswill Akpabio announced this during plenary on Thursday.
This will be President Tinubu’s second full budget presentation since he assumed office in May 2023.
Akpabio confirmed that the presentation will take place at 11:00 a.m. in the House of Representatives chamber, as is customary for such events. “His Excellency, the President of the Federal Republic of Nigeria, has indicated his intention to present the 2025 budget proposals and estimates to a joint sitting of the National Assembly on the 17th of December, 2024, at 11:00 a.m. prompt, in the House of Representatives,” Akpabio said.
On December 3, the Senate approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), with a total spending plan of ₦47.9 trillion. The framework includes a new borrowing plan of ₦9.22 trillion, covering both domestic and foreign borrowings.
The MTEF outlines the federal government’s three-year spending projections and serves as the basis for the national budget.
The framework adopts an exchange rate of ₦1,400 to the dollar and oil prices of $75, $76.2, and $75.3 per barrel for the years 2025, 2026, and 2027, respectively.
