President Bola Tinubu will formally present the 2025 Appropriation Bill to the National Assembly on Tuesday, December 17, 2024. This was disclosed by Senate President Godswill Akpabio during Thursday's plenary session.
Akpabio announced that the President would address a joint session of the National Assembly at the House of Representatives Chamber, marking a critical moment in Nigeria's fiscal planning.
Earlier in the week, President Tinubu submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the years 2025-2027 to both the Senate and the House of Representatives.
These documents provide a roadmap for the government’s fiscal policies and outline the country’s economic projections for the upcoming years.
The framework includes an oil price benchmark set at $75 per barrel, a daily oil production target of 2.06 million barrels, and an exchange rate pegged at N1,400 to $1.
Additionally, it projects a GDP growth rate of 6.4%. These key figures form the foundation of the proposed N47.9 trillion 2025 budget, which is expected to receive close scrutiny from lawmakers.
In preparation for the presentation, Senate President Akpabio directed the Senate Committees on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and submit their findings within a week.
The 2025 budget is anticipated to define the government’s spending priorities and offer insights into President Tinubu’s economic strategy for the year ahead.