The Senate has announced that President Bola Tinubu is expected to present the 2025 budget this week.
Senate spokesperson Yemi Adaramodu disclosed this during a media briefing, adding that the Senate Committee on Finance is set to meet with Ministries, Departments, and Agencies (MDAs) on Monday.
Adaramodu stated, “The President would likely present the 2025 budget this week or in earnest. The Senate Committee on Finance is already working on the Medium Term Expenditure Framework (MTEF) and will meet with the MDAs tomorrow.”
The MDAs are scheduled to defend their 2024 expenditure while projecting their 2025 budget.
Last Tuesday, President Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to the National Assembly. Senate President Godswill Akpabio directed the relevant committees to review the document and report back within a week.
Key assumptions in the MTEF/FSP include:
- Oil Price Benchmark: $75 per barrel
- Daily Oil Production: 2.06 million barrels
- Exchange Rate: ₦1,400 to $1
- Targeted GDP Growth Rate: 6.4%
These figures form the foundation for the proposed ₦47.9 trillion 2025 budget.
Meanwhile, ongoing renovations in the Senate chamber are reportedly being completed to prepare for the President’s visit later this week.