Posted by Amarachi on Mon 25th Nov, 2024 - tori.ng
This follows the submission of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 to both the Senate and the House of Representatives last Tuesday.
The Nigerian Senate has disclosed that President Bola Ahmed Tinubu is expected to present the 2025 budget, estimated at N47.9 trillion, to the National Assembly this week.
This follows the submission of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 to both the Senate and the House of Representatives last Tuesday.
The MTEF/FSP outlines critical economic parameters that will guide the budget. Key figures include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and a targeted GDP growth rate of 6.4%.
Senate President Godswill Akpabio directed the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP and report their findings within one week.
The ₦47.9tn budget, once approved, will be Tinubu’s first full-year budget since assuming office. The administration has already signalled its intention to focus on critical areas such as infrastructure, security, and economic revitalization.
According to the Senate spokesperson, Yemi Adaramodu ( APC, Ekiti South), the Finance Committee will meet with the Ministries, Departments, and Agencies on Monday.
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.”