- Budget Includes N9.22 Trillion Borrowing Plan, Targets 6.4% GDP Growth
President Bola Tinubu is scheduled to present the 2025 national budget of N47.9 trillion to a joint session of the National Assembly on December 17, 2024, according to Senate President Godswill Akpabio. The announcement was made during Thursday’s plenary.
“The president has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on the 17th of December, 2024,” Akpabio stated.
The federal government initially proposed the N47.9 trillion expenditure on November 14, 2024. Following this, the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 was submitted to the Senate and House of Representatives on November 19, laying the groundwork for the budget.
Key Parameters of the 2025 MTEF/FSP:
- Oil Price Benchmark: $75 per barrel
- Daily Oil Production: 2.06 million barrels per day (bpd)
- Exchange Rate: N1,400 to $1
- GDP Growth Rate: Target of 6.4%
- New Borrowing Plan: N9.22 trillion (domestic and foreign borrowings)
Senate Approval and Next Steps
On December 3, the Senate approved the MTEF/FSP, paving the way for the 2025 budget consideration. The framework includes projections and fiscal policies that will guide government spending over the next three years, emphasizing economic recovery and stability.
What to Expect from the 2025 Budget
The N47.9 trillion budget is expected to address critical sectors, enhance infrastructure, and support economic growth while managing the fiscal challenges posed by high borrowing and a fluctuating exchange rate. The presentation marks a significant step in implementing Tinubu’s economic strategy for 2025 and beyond.
Stay tuned for updates as the National Assembly deliberates on the budget and its implications for Nigeria’s economic future.
