President Bola Tinubu is set to present the 2025 Appropriation Bill, amounting to N47.9 trillion, to a joint session of the National Assembly on Tuesday, December 17, 2024.
This was confirmed by Senate President Godswill Akpabio during Thursday’s plenary. Tinubu had earlier submitted the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), which proposed a N26.1 trillion expenditure for 2025.
Key projections in the framework include 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 GDP growth target of 6.4%.
The framework also outlines a borrowing plan of N9.22 trillion, comprising domestic and foreign loans. The Senate Finance Committee, after two weeks of reviews with MDAs, has approved the MTEF/FSP, paving the way for the budget presentation.
