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) disclosed on Sunday that the presentation could take place “this week or in earnest,” reflecting the administration’s dedication to efficient fiscal planning and timely budgetary procedures.
Adaramodu revealed that the Senate Committee on Finance is currently reviewing the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), essential prerequisites for the budget’s presentation. He added, “The Senate Committee on Finance is working on the MTEF and will meet with Ministries, Departments, and Agencies (MDAs) tomorrow (Monday).”
The MDAs are scheduled to defend their 2024 expenditure and outline projections for the upcoming 2025 fiscal year. Last Tuesday, President Tinubu submitted the 2025–2027 MTEF/FSP to the Senate and the House of Representatives for review.
Senate President Godswill Akpabio has tasked the Senate Committees on Finance, National Planning, and Economic Affairs with reviewing the documents and providing their reports within a week.
The MTEF/FSP proposes key economic indicators, including an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and a projected GDP growth rate of 6.4%. These figures will form the basis for deliberations on the proposed ₦47.9 trillion 2025 budget.
