ABUJA: Senate President, Senator Godswill Akpabio, confirmed during Thursday’s plenary that President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly on Tuesday, December 17, 2024. The presentation will take place at 11:00 a.m. in the House of Representatives chamber.
Akpabio stated, His Excellency, the president of the Federal Republic of Nigeria, has indicated his intention to present the 2025 budget proposals and estimates to a joint sitting of the National Assembly on the 17th of December, 2024. The session will commence promptly at 11:00 a.m. in the House of Representatives, as is customary. I am referring to Tuesday, next week.
On December 3, the Senate approved the 2025-2027 Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), which projects a total expenditure of N47.9 trillion. This plan includes a new borrowing proposal of N9.22 trillion, covering both domestic and foreign borrowings.
The MTEF outlines a three-year spending plan for the federal government, which serves as the basis for the national budget. As part of the approved framework, an exchange rate of N1,400 to the dollar has been adopted, with oil prices set at $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.
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This 2025 budget will mark the second budget presentation by President Tinubu to the National Assembly. In a joint session on May 29, he had promised to present a supplementary budget for the 2024 fiscal year, but that proposal has yet to materialize.
The 2024 budget is set to expire at the end of December. However, Nigeria is currently implementing three budgets in the same fiscal year: the 2023 budget, the 2023 supplementary budget, and the 2024 Appropriation Act.
The 2023 budget, with an allocation of N21.8 trillion, and its supplementary budget of N2.17 trillion, were the last budgets signed by former President Muhammadu Buhari. Upon assuming office, President Tinubu requested an extension for the capital components of both budgets until June, to complete ongoing projects. Later, in June, he requested a further extension until December 31 for the same reason.
As a result, Nigeria is executing three budgets simultaneously—2023, 2023 supplementary, and 2024 marking a historical first in the country’s post-democracy era. This unprecedented situation follows approvals granted by the National Assembly.
