President Bola Tinubu will on Tuesday present the N47.9 trillion 2025 Appropriation Bill to the National Assembly.
Senate President, Godswill Akpabio, disclosed at a plenary on Thursday.
“The president has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on the 17th of December, 2024,” Akpabio said.
Tinubu had weeks ago, forwarded to both chambers of the National Assembly, the 20224 – 2026 Medium Term Expenditure Framework and Fiscal Strategy Paper where the sum of N26.1tn was proposed as the total expenditure profile for the 2025 fiscal year.
The Senate through its committee on Finance after two weeks of interactive sessions with heads of Ministries, Departments and Agencies on revenue and expenditure projections made for them, approved the MTEF.
In the MTEF/FSP, the key parameters include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels per day (bpd), an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
Also, the expenditure framework has a new borrowing plan of N9.22 trillion which constitutes both domestic and foreign borrowings.
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