The Traffic

"Tinubu Set to Unveil N47.9tn 2025 Budget: Here’s What to Expect on Tuesday"

By Achimi Muktar

President Bola Tinubu is gearing up to present the much-anticipated 2025 budget to the National Assembly on Tuesday, December 17, 2024. Senate President Godswill Akpabio made this announcement during Thursday’s plenary session, setting the stage for the unveiling of Nigeria’s largest proposed budget yet, pegged at N47.9 trillion.

The presentation will take place at the House of Representatives Chamber, with plenary commencing at 10:30 a.m. to allow senators to convene before joining their colleagues for the joint session.

This budget is based on key economic indicators outlined in the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027, previously submitted by Tinubu to the National Assembly in November. The framework forms the foundation of the proposed budget and highlights the following:

Oil Price Benchmark: $75 per barrel

Daily Oil Production: 2.06 million barrels

Exchange Rate: N1,400 to $1

Target GDP Growth Rate: 6.4%

The Federal Executive Council approved the ambitious N47.9 trillion budget, which aims to execute capital projects and manage recurrent expenditures. According to Senator Atiku Bagudu, Minister of Budget and National Planning, the government plans to borrow N9.2 trillion to cover the projected budget deficit.

Bagudu emphasized that the fiscal objectives remain conservative, even as the government anticipates exceeding its projections. “We want to ensure we study the course while maintaining confidence in our economic targets,” Bagudu stated during a briefing at the State House.

The 2025 budget is expected to tackle critical challenges, including infrastructure development, economic diversification, and social welfare programs, while also addressing the country’s rising debt profile.

As Nigerians await the budget presentation, analysts and stakeholders are closely watching to see how the Tinubu administration plans to balance fiscal responsibility with its ambitious growth targets. All eyes will be on the House of Representatives Chamber next Tuesday as the government outlines its roadmap for 2025 and beyond.