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President Bola Tinubu will present the 2025 budget proposal to a joint session of the National Assembly on Wednesday, November 27.
This development was confirmed by Dr Ali Barde Umoru, Secretary of Research and Information, at the National Assembly on Monday, November 25.
“The presentation will occur in a joint session, with accreditation for journalists and officials underway,” Dr Umoru stated.
This follows the Senate’s approval of the 2024-2026 Medium Term Expenditure Framework (MTEF) after interactive sessions with Ministries, Departments, and Agencies.
The MTEF, submitted by Tinubu three weeks ago, outlines fiscal and economic parameters to guide the budget.
The proposed budget size for 2025 stands at ₦47.9 trillion, with ₦9.22 trillion allocated for new borrowings.
Minister of Budget and Economic Planning Abubakar Bagudu highlighted the key benchmarks, including an oil price of $75 per barrel, an oil production target of 2.06 million barrels per day, an exchange rate of ₦1,400 to the US dollar, and a GDP growth rate of 4.6 per cent.
These figures underscore the government’s commitment to balancing revenue generation and economic growth amid ongoing fiscal challenges.
The presentation marks a critical step in shaping Nigeria’s economic direction for 2025. Lawmakers are expected to deliberate on the budget’s viability in addressing key national priorities.