TINUBU TO PRESENT 2025 PROPOSED BUDGET TO NATIONAL ASSEMBLY
President Bola Ahmed Tinubu is set to present the 2025 proposed budget to the National Assembly. The budget, valued at N47.96 trillion, was approved by the Federal Executive Council on Monday. Initially scheduled for presentation on Tuesday, December 18, 2024, the event was postponed to Wednesday, December 19, 2024, to allow for final adjustments to the budget.
The presentation is expected to outline key fiscal policies and spending priorities for the upcoming year, marking a critical step in advancing the administration’s economic agenda. Senate President Godswill Akpabio will preside over the joint session alongside Speaker of the House of Representatives, Tajudeen Abbas.
Key Highlights of the 2025 Budget Proposal
The 2025 budget proposal includes several key highlights, including:
- New borrowings of N9.22 trillion
- Projected aggregate expenditure of N47.96 trillion
- Planned borrowing of N13.8 trillion, equating to 3.87% of GDP
- Oil price benchmark of $75 per barrel
- Oil production target of 2.06 million barrels per day
- Exchange rate of N1,400 to the US dollar
Medium-Term Expenditure Framework (MTEF)
The Medium-Term Expenditure Framework (MTEF) sets out parameters for the 2025 budget, including:
- Oil price benchmark of $75 per barrel
- Oil production target of 2.06 million barrels per day
- Exchange rate of N1,400 to the US dollar
- GDP growth rate of 3.5%
President Tinubu’s Economic Agenda
The 2025 budget proposal is a critical component of President Tinubu’s economic agenda, which aims to promote economic growth, reduce poverty, and improve the standard of living for Nigerians.
“We are committed to delivering a budget that promotes economic growth, reduces poverty, and improves the standard of living for Nigerians,” said President Tinubu. “We will work tirelessly to ensure that the 2025 budget is implemented effectively and efficiently.”
Conclusion
The presentation of the 2025 proposed budget by President Tinubu marks a critical step in advancing the administration’s economic agenda. The budget proposal includes several key highlights, including new borrowings, projected aggregate expenditure, and planned borrowing. As the National Assembly reviews the budget proposal, Nigerians will be watching closely to see how the government plans to promote economic growth and improve the standard of living for citizens.
