TINUBU TO PRESENT 2025 BUDGET ON TUESDAY
President Bola Tinubu is set to present the 2025 budget proposals and estimates to a joint session of the National Assembly on Tuesday, December 17. This was announced by Godswill Akpabio, the President of the Senate, during the plenary session on Thursday.
2025 Budget Proposals and Estimates
The proposed 2025 budget is estimated at N47.9 trillion, representing a 36.6% increase compared to the 2024 Federal Government of Nigeria (FGN) aggregate expenditure estimate of ₦35.06 trillion. This significant increase is expected to boost the economy, with projected GDP growth rates of 4.6% in 2025, 4.4% in 2026, and 5.5% in 2027.
Key Provisions of the 2025 Budget Framework
Some key provisions of the adopted framework include:
- An oil benchmark price of $75 per barrel for 2025, $76.2 per barrel for 2026, and $75.3 per barrel for 2027
- Domestic crude oil production projected at 2.06 million barrels per day for 2025
- Exchange rate pegged at ₦1,400 to the US dollar for the three-year period
- Revenue projections of ₦15.4 trillion for 2025, ₦16.3 trillion for 2026, and ₦17.1 trillion for 2027
- Total expenditure estimates of ₦47.9 trillion for 2025, ₦51.8 trillion for 2026, and ₦55.3 trillion for 2027
Senate Approves MTEF and FSP
The Senate had previously approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), paving the way for President Tinubu to present the 2025 Appropriation Bill to the National Assembly.
Expectations and Reactions
The presentation of the 2025 budget is expected to be a significant event, with many Nigerians eagerly awaiting the details of the budget. The budget is expected to provide insights into the government’s plans for addressing the country’s economic challenges, including inflation, unemployment, and infrastructure development.
Reacting to the announcement, some Nigerians expressed optimism about the budget, hoping that it would bring relief to the country’s economic challenges. Others, however, expressed skepticism, citing concerns about the government’s ability to implement the budget effectively.
Conclusion
The presentation of the 2025 budget by President Tinubu on Tuesday is a significant event that is expected to provide insights into the government’s plans for addressing the country’s economic challenges. As Nigerians await the details of the budget, it is essential to remain optimistic and hopeful that the budget will bring relief to the country’s economic challenges.
