Barring any last-minute hitch, President Bola Tinubu will on Tuesday, December 17, present the 2025 Appropriation Bill to a joint session of the National Assembly, according to Senate President Godswill Akpabio.
The presentation will take place at the House of Representatives Chamber, marking a significant step in the budgetary process.
Persecondnews reports that Akpabio made the announcement during the Thursday plenary session on the floor of the Senate.
The Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025-2027, which was earlier submitted by President Tinubu, outlines key parameters for the budget.
These include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4%.
The proposed N47.9 trillion 2025 budget is expected to be considered and approved based on these parameters.
The Senate Committee on Finance, National Planning, and Economic Affairs has been directed to consider the MTEF/FSP documents and report within one week.
Persecondnews recalls that in November the Federal Executive Council (FEC) approved N47.9 trillion for the 2025 fiscal year.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this after the meeting of the council presided over by Tinubu.
The House of Representatives had earlier asked the executive to ensure prompt submission of the 2025 budget and MTEF.
The lawmakers, following the consideration of a motion moved by Clement Jimbo (APC, Akwa Ibom), resolved that the president should submit the proposal to allow them ample time to scrutinise the budget.
Tinubu sent the 2024 budget to the National Assembly on November 29, 2023, and it was approved within 30 days by the National Assembly.
The 2025 budget proposal exceeds the N35 trillion 2024 budget.
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