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Tinubu is set to unveil 2025 budget
President Bola Tinubu is set to unveil the 2025 national budget to a joint session of the National Assembly on Tuesday, December 17, 2024. Senate President Godswill Akpabio confirmed this during a recent plenary session, noting that the presentation will commence at 11:00 a.m. in the House of Representatives chamber. citeturn0search2.Tinubu is set to unveil 2025 budget
This forthcoming budget presentation follows the Senate’s approval of the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which outline a total expenditure of ₦47.9 trillion. The framework includes a new borrowing plan of ₦9.22 trillion, encompassing both domestic and foreign sources. Key assumptions in the MTEF feature an exchange rate of ₦1,400 to the U.S. dollar and projected oil prices of $75, $76.2, and $75.3 per barrel for the years 2025, 2026, and 2027, respectively. citeturn0search2
This budget marks President Tinubu’s second since assuming office. Notably, during his May 29 address to the National Assembly, he pledged to present a supplementary budget for the 2024 fiscal year; however, this has yet to materialize. Currently, Nigeria is implementing three budgets within a single fiscal year: the 2023 budget, its supplementary counterpart, and the 2024 Appropriation Act. citeturn0search2
The upcoming budget presentation is anticipated to provide insights into the administration’s fiscal policies and priorities for 2025, offering a roadmap for Nigeria’s economic trajectory in the coming year.
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