President Bola Tinubu arrived at the National Assembly complex on Wednesday at 12:10 p.m. to present the proposed ₦47.96 trillion budget for the 2025 fiscal year. The session, attended by members of both chambers, was held under heightened security.
This development follows the Federal Executive Council’s approval of the 2025 budget proposal earlier this week and the Senate’s endorsement of the Medium-Term Expenditure Framework (MTEF) for 2025–2027 on November 22.
The presentation aligns with fiscal strategies outlined in the MTEF, which was approved by the Federal Executive Council on November 14. Speaking after the council meeting, Minister of Budget and Economic Planning Abubakar Bagudu emphasized the importance of refining the budget to ensure its alignment with national economic goals.
“Today, the Federal Executive Council approved the budget proposals for 2025 with amendments, which Mr. President directed following a presentation to the Federal Executive Council led by the Director-General of the Budget Office, Tanimu Yakubu,” Bagudu explained.
Key details of the proposed 2025 budget include an oil price benchmark of $75 per barrel, oil production set at 2.06 million barrels per day, and an exchange rate of ₦1,400 to the US dollar. The budget also forecasts a GDP growth rate of 4.6% and includes new borrowings of ₦9.22 trillion to fund critical expenditure.
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The MTEF serves as a vital tool for Nigeria’s fiscal planning, laying out macroeconomic assumptions and projections over three years. It provides the framework for critical variables such as oil prices, exchange rates, inflation, and growth rates.
“For the 2025–2027 period, the MTEF establishes a projected aggregate expenditure of ₦47.96 trillion for 2025, with planned borrowings of ₦13.8 trillion, equating to 3.87% of GDP,” Bagudu explained.
As the President addressed lawmakers, he emphasized the importance of adhering to the proposed fiscal strategies to ensure stability and growth in Nigeria’s economic landscape. The presentation marks a key step in finalizing the 2025 budget, which is expected to support the government’s economic priorities.
The Federal Executive Council and the National Assembly will now work to finalize the budget ahead of its implementation.