Would you like to receive notifications on latest updates of the following headlines?

Tinubu presents 2025 budget to N’Assembly December 17th

POSTED ON December 13, 2024 •   Breaking News      BY Abiodun Saheed Omodara
President Bola Ahmed Tinubu Present 2025 Budget

The Senate President, Godswill Akpabio, has said that President Bola Ahmed Tinubu will present the 2025 budget to the National Assembly next Tuesday

Akpabio made this known during the announcement at the Thursday plenary.

He said, “The president has made his intention known to the National Assembly to present the 2025 budget to the joint Assembly of the National Assembly on the 17th of December, 2024.”

Akpabio announced that the budget presentation will take place at the House of Representatives Chamber.

He further informed the lawmakers that plenary will be at 10:30 am to allow senators meet in the Red Chamber before moving in procession to the House of Representatives chamber where the budget will be presented.

Tinubu had last month submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both the Senate and the House of Representatives.

Akpabio directed the Senate Committee on Finance, National Planning, and Economic Affairs to consider the MTEF/FSP documents and report within one week.

Key parameters in the MTEF/FSP 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%.

These figures formed the basis for consideration and approval of the proposed N47.9tn 2025 budget.

The Federal Executive Council  in November approved a budget of N47.9 trillion for 2025, aimed at executing capital projects and managing the recurrent expenditures of the Federal Government.

The Minister of Budget and National Planning, Senator Atiku Bagudu, shared this information during a briefing with State House media following the meeting.

He mentioned that the council sanctioned the Medium-Term Expenditure Framework for 2025-2027. Additionally, he noted that the government set the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day.

The proposed budget for 2025 will have an exchange rate fixed at N1,400 to $1, with a target GDP growth of 6.4%.

Bagudu stated, “Moreover, the fiscal objectives are conservative as we aim to monitor the situation, even though we believe the projections will be surpassed. The budget size approved for presentation to the National Assembly in the MTEP is N47.9 trillion, which includes new borrowings of N9.2 trillion to cover the budget deficit for 2025.”

READ ALSO
Nigeria must leverage skills of retired military personnel in security strategy- Babandede
BY Abiodun Saheed Omodara April 25, 2025 0

Muhammed Babandede, a former comptroller-general of the Nigeria Immigration Service, has urged Presi...

READ ALSO
FG commends Ghana for rescuing 219 trafficked Nigerians from cybercrime
BY Abiodun Saheed Omodara April 25, 2025 0

ABUJA, Nigeria - The federal government has praised the Ghanaian authorities for rescuing at least 2...

READ ALSO
Tinubu meets security chiefs, Calls for swift action against ongoing violence
BY Abiodun Saheed Omodara April 24, 2025 0

ABUJA, Nigeria - President Bola Ahmed Tinubu has called for an immediate end to the ongoing violence...

READ ALSO
Ogun shuts  four companies for environmental violations
BY Abiodun Saheed Omodara April 24, 2025 0

OGUN, Nigeria (NAN) - The Ogun state government, via its Environmental Protection Agency (OGEPA), ha...

READ ALSO
Ginger farmers lament uncertainty ahead of 2025 planting season amid seedling shortages
BY Abiodun Saheed Omodara April 22, 2025 0

ABUJA, Nigeria - Some ginger farmers in the Bwari Area Council of the Federal Capital Territory (FCT...

READ ALSO
Senator Jimoh Ibrahim Joins Cambridge Senate
BY Abiodun Saheed Omodara April 21, 2025 0

Senator Jimoh Ibrahim has joined the University of Cambridge Senate in the UK.  He is set to p...

READ ALSO
Kano secures $10bn investment for renewable energy, minerals in partnership with Morocco
BY Abiodun Saheed Omodara April 21, 2025 0

KANO, Nigeria (NAN) - The government of Kano state has announced that it will secure more than $10 b...

READ ALSO
Tinubu calls for unity and resilience amidst National insecurity
BY Abiodun Saheed Omodara April 19, 2025 0

ABUJA, Nigeria - President Bola Ahmed Tinubu on Friday reaffirmed his command to the Armed Forces to...

OUR CHANNELS:

FG commends Ghana for rescuing 219 trafficked Nigerians from cybercrime
BY Abiodun Saheed Omodara April 27, 2025 0

ABUJA, Nigeria - The federal government has praised the Ghanaian authorities for rescuing at least 2...


Tinubu meets security chiefs, Calls for swift action against ongoing violence
BY Abiodun Saheed Omodara April 27, 2025 0

ABUJA, Nigeria - President Bola Ahmed Tinubu has called for an immediate end to the ongoing violence...


FG releases ₦50Bn for university staff unions, A commitment to educational reform
BY Abiodun Saheed Omodara April 27, 2025 0

The Minister of Education, Dr. Maruf Olatunji Alausa, announced on Wednesday that the federal govern...


Fani-Kayode criticises Mutfwang's leadership amid security crisis
BY Abiodun Saheed Omodara April 27, 2025 0

PLATEAU, Nigeria - Plateau State Governor, Caleb Mutfwang, and former Aviation Minister, Femi Fani-K...


Father demands justice as Nigerian correctional service dismisses kidnapping allegations
BY Abiodun Saheed Omodara April 27, 2025 0

PORT HARCOURT, Nigeria - Ogunsinasi Oluwaseyi, the father of 12-year-old Oluwaseyi Favour, who was r...


Ogun shuts  four companies for environmental violations
BY Abiodun Saheed Omodara April 27, 2025 0

OGUN, Nigeria (NAN) - The Ogun state government, via its Environmental Protection Agency (OGEPA), ha...


IMF urges Nigeria to exercise fiscal caution amid economic reforms
BY Abiodun Saheed Omodara April 27, 2025 0

The International Monetary Fund (IMF) has called on Nigeria to exercise caution in its expenditures...


FG urges IMF, World Bank to bolster economic reforms in sub-saharan Africa
BY Abiodun Saheed Omodara April 24, 2025 0

Finance Minister Wale Edun has emphasized the need for increased global assistance to reform economi...


LASG short 66,000 healthcare practitioners, threat to quality services delivery
BY Abiodun Saheed Omodara April 27, 2025 0

LAGOS, Nigeria - The Lagos State Government is grappling with a significant shortage of medical prac...


Pope Francis to be buried April 26
BY Abiodun Saheed Omodara April 27, 2025 0

Pope Francis’s funeral will be held on Saturday, the Vatican announced Tuesday, as world leade...


More Articles

Load more...

Menu