The Nigerian Senate has announced that President Bola Tinubu is set to present the 2025 national budget this week.
Senate spokesperson Yemi Adaramodu (APC, Ekiti South) revealed on Sunday that the budget presentation could happen “this week or soon after,” reflecting the government’s focus on effective fiscal planning and adhering to budget timelines.
Adaramodu also shared that the Senate Committee on Finance is currently reviewing the Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), essential documents that precede the budget presentation.
He added that the committee is scheduled to meet with Ministries, Departments, and Agencies (MDAs) on Monday to discuss their 2024 spending plans and outline projections for the 2025 budget.
Last Tuesday, President Tinubu submitted the MTEF/FSP for the period 2025–2027 to both chambers of the National Assembly.
In response, Senate President Godswill Akpabio directed the Senate’s finance, national planning, and economic affairs committees to review these documents and submit their report within the week.
The MTEF/FSP includes key economic projections, such as a $75 per barrel oil price benchmark, a daily oil production target of 2.06 million barrels, an exchange rate of N1,400 to $1, and a projected GDP growth rate of 6.4%.
These parameters will form the basis for discussions on the proposed N47.9 trillion 2025 budget.