The Nigerian Senate is gearing up for the presentation of the 2025 budget, with Senate spokesperson Yemi Adaramodu hinting that it may happen “this week or in earnest.” This development signals the administration’s commitment to fiscal planning and timely budgetary processes.
According to Adaramodu, the Senate Committee on Finance is actively reviewing the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, prerequisites for the budget presentation. The committee is scheduled to meet with Ministries, Departments, and Agencies (MDAs) to defend their 2024 expenditure plans and outline projections for the 2025 budget.
President Bola Tinubu submitted the MTEF/FSP documents for 2025-2027 to the Senate and House of Representatives last Tuesday. The documents outline key economic parameters, including a $75 per barrel oil price benchmark, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a projected GDP growth rate of 6.4%. These projections will serve as the foundation for deliberations on the proposed N47.9 trillion 2025 budget.
