The Senate has announced that President Bola Tinubu is expected to present the 2025 federal budget to the National Assembly within the week.
This disclosure was made over the weekend by the Senate spokesperson, Yemi Adaramodu, representing Ekiti South under the All Progressives Congress.
Adaramodu noted that preparations were underway to facilitate this critical legislative process.
“The President would likely present the 2025 budget this week or in earnest,” Adaramodu said. He added that the Senate Committee on Finance had already commenced preliminary activities, including engagements with Ministries, Departments, and Agencies, to review their fiscal plans for both the current and upcoming years.
“The Senate Committee on Finance is already working on the Medium-Term Expenditure Framework and would be meeting with the MDAs tomorrow (Monday). The MDAs are expected to defend their 2024 expenditure and also project their 2025 budget,” Adaramodu explained.
This announcement follows President Tinubu’s submission of the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both chambers of the National Assembly last Tuesday. The document outlines the government’s fiscal policy direction and economic assumptions for the three-year period, forming the basis for the 2025 budget proposal.
Senate President Godswill Akpabio has tasked the Senate Committees on Finance, National Planning, and Economic Affairs with reviewing the MTEF/FSP. These committees have been directed to submit their assessments and recommendations within one week.
The MTEF/FSP includes key economic projections, such as an oil price benchmark of $75 per barrel, a daily oil production target of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and a GDP growth rate of 6.4%. These parameters underpin a proposed ₦47.9 trillion budget for 2025, which aims to address critical areas of national development.
Preparations are ongoing within the Senate chamber to resolve minor technical issues ahead of President Tinubu’s official budget presentation. Stakeholders are emphasizing the need for rigorous scrutiny of the proposed fiscal plans, with Adaramodu assuring the public that all aspects, including tax proposals, will undergo thorough examination.
Beyond the budget discussions, public attention is focused on other Senate activities, such as calls for transparency in governance. The Senate faces pressure to investigate allegations of ₦57 billion in unaccounted funds within the Ministry of Humanitarian Affairs. Additionally, experts have raised concerns about the need to avert a looming debt crisis, highlighting the importance of prudent fiscal management as Nigeria charts its economic course.
These issues are expected to influence deliberations on the 2025 budget, with lawmakers and stakeholders advocating for a more transparent and sustainable economic strategy for the country.
