By Okafor Joseph Afam
November 25, 2024

The Nigerian Senate has confirmed that President Bola Ahmed Tinubu is poised to present the 2025 national budget, estimated at N47.9 trillion, within the week. Senate spokesperson Yemi Adaramodu (APC, Ekiti South) made the disclosure on Sunday, emphasizing the administration’s commitment to adhering to timely fiscal planning.

Adaramodu noted that the Senate Committee on Finance is actively scrutinizing the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), critical preparatory documents for the budget presentation. He further explained that the committee would engage with relevant Ministries, Departments, and Agencies (MDAs) starting Monday to review their 2024 expenditure reports and align their projections for the upcoming fiscal year.

“The Senate Committee on Finance is already working on the Medium-Term Expenditure Framework and would be meeting with the MDAs tomorrow,” Adaramodu said.

Last week, President Tinubu submitted the MTEF/FSP for 2025–2027 to both the Senate and the House of Representatives. The document provides critical economic assumptions, including:

Oil price benchmark: $75 per barrel

Daily oil production: 2.06 million barrels

Exchange rate: N1,400 to $1

GDP growth rate: 6.4%

Senate President Godswill Akpabio directed the relevant committees to review the MTEF/FSP and submit their findings within a week, setting the stage for deliberations on the proposed budget.

The forthcoming budget presentation is expected to prioritize economic recovery, infrastructure development, and job creation, aligning with the administration’s Renewed Hope agenda. Analysts and stakeholders will be closely monitoring the figures and priorities, given the ambitious projections and the challenges posed by Nigeria’s current economic landscape.

As the MDAs gear up to defend their allocations and justify their 2025 projections, the spotlight remains on how the government will balance expenditure with revenue generation, manage debt, and address pressing socio-economic issues.

The 2025 budget presentation will mark another critical step in President Tinubu’s reform agenda, which has already witnessed bold decisions, including the removal of fuel subsidies and the floating of the naira.