President Bola Tinubu will now present the 2025 national budget to the joint session of the National Assembly on Tuesday, December 17, 2024.
President of the Senate, Senator Godswill Akpabio made the disclosure on Thursday during Senate plenary.
Announcing the date, Senator Akpabio said, “The president has made his intention known to the National Assembly to present the 2025m budget to the joint session of the National Assembly on the 17th of December, 2024.”
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On November 19, 2024, President Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to both the Senate and the House of Representatives.
Ahead of the budget presentation, the Senate on December 3, 202 On Dec. 3, the senate approved the MTEF/FSP.
In the MTEF/FSP, the key parameters include a 75 dollar oil price benchmark per barrel, daily oil production of 2.06 million barrels per day (bpd), an exchange rate of N1,400 to one dollar and a targeted gross domestic product, GDP, growth rate of 6.4 per cent.
The expenditure framework also has a new borrowing plan of N9.22 trillion which constitutes both domestic and foreign borrowings.