The Nigerian Senate has announced that President Bola Ahmed Tinubu is set to present the 2025 national budget within the week.
Senate spokesperson, Yemi Adaramodu (APC, Ekiti South), disclosed this development on Sunday, stating that the presentation is expected to happen “this week or in earnest.” This move underscores the administration’s commitment to timely fiscal planning and budgetary transparency.
Adaramodu further explained that the Senate Committee on Finance is currently reviewing the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), both critical components required for the budget presentation.
“The Senate Committee on Finance is actively working on the Medium-Term Expenditure Framework and will be meeting with Ministries, Departments, and Agencies (MDAs) on Monday,” he noted.
According to Adaramodu, MDAs are scheduled to defend their 2024 spending plans and provide insights into their projections for the upcoming 2025 budget.
Last Tuesday, President Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to the Senate and the House of Representatives. Senate President Godswill Akpabio subsequently tasked the Senate Committees on Finance, National Planning, and Economic Affairs with reviewing the document and presenting their findings within a week.
The MTEF/FSP outlines critical economic indicators, such as a $75 per barrel oil price benchmark, a daily oil production target of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and an anticipated GDP growth rate of 6.4%.
These projections will form the basis for discussions on the proposed N47.9 trillion 2025 budget.
For more updates, join our WhatsApp channel: https://whatsapp.com/channel/0029VabITrvEAKW7DSkTfP0J.