The Senate has indicated that President Bola Tinubu is likely to present the 2025 national budget to the National Assembly this week. The announcement comes amidst ongoing preparations by lawmakers to ensure a smooth process for the President’s visit.
Speaking on the matter, Senate spokesperson Yemi Adaramodu, representing Ekiti South under the All Progressives Congress (APC), shared updates on the legislative body’s efforts to prepare for the upcoming budget presentation.
He said, “The President would likely present the 2025 budget this week or in earnest.
“The Senate Committee on Finance is already working on the Medium Term Expenditure Framework and would be meeting with the MDAs tomorrow (Monday).
“The MDAs are expected to defend their 2024 expenditure and also project their 2025 budget.”
The Senate Committee on Finance is already working diligently on the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027, which were submitted by President Tinubu last Tuesday.
According to Adaramodu, the committee plans to meet with various Ministries, Departments, and Agencies (MDAs) on Monday. These MDAs are expected to provide explanations on their 2024 spending and outline projections for their 2025 budgets.
The Senate President, Godswill Akpabio, has directed the Finance Committee, alongside the National Planning and Economic Affairs committees, to review the MTEF/FSP documents and deliver a report within a week.
Key figures within the framework include a proposed $75 per barrel oil price benchmark, 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 parameters are crucial as they form the foundation for the proposed N47.9 trillion national budget for 2025.
