NIGERIA’S President Bola Tinubu will, on Tuesday, December 17, present the 2025 budget to the National Assembly.

The Senate President Godswill Akpabio made this known during plenary on Thursday, December 12.

“The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on the 17th of December, 2024,” he said.

Akpabio hinted that the budget presentation would take place at the House of Representatives Chamber.

The ICIR reported  that the Federal Government had adopted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027, with a proposed budget size of N47.9 trillion for the 2025 fiscal year.

The 2025 budget proposal represents approximately a 37.25 per cent increase from the 2024 total approved budget.

Key parameters set in the MTEF/FSP include an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels per day, an exchange rate of N1,400 to $1, and a gross domestic product growth of 4.6 per cent.

It also includes a borrowing plan of N13.8 trillion.

The Senate president had at the time directed the Senate Committee on Finance, National Planning, and Economic Affairs to consider the MTEF/FSP documents and report back to the Red Chamber.

The figure in MTEF/FSP forms the basis for the consideration and approval of the proposed N47.9 trillion in the 2025 budget.

Tinubu will be presenting Nigeria’s annual budget to the National Assembly for the second since assuming office as the President on May 29, 2023.

He presented his first budget to the National Assembly on November 29, 2023.

The N27.5 trillion proposal budget he presented before the joint sitting of the National Assembly was increased by N1.2 trillion by the Senate.

On January 1, he signed the N28.7 trillion 2024 appropriation bill into law.

However, following his request of N6.2 trillion to supplement the 2024 budget, amid rising debt and budget deficit, the 2024 budget came to N34.9 trillion.

The ICIR reported that a larger chunk of the 2024 budget was funded by borrowing despite the Federal Government’s claim of $20 billion in subsidy savings.

When he presents the 2025 budget to the National Assembly on December 17, it is not unlikely that Tinubu will miss the January-December budget cycle, introduced during the previous administration of President Muhammadu Buhari.

Last year, he requested the National Assembly to pass the 2024 budget before December 31 to keep up with the January-December budget cycle.