President Bola Tinubu is expected to present the 2025 budget, estimated at N47.9 trillion, to the National Assembly this week.
Cyber Reporters gathered that this development comes after the submission of the Medium-Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, for 2025-2027 to the Senate and House of Representatives last Tuesday.
Some of the critical figures include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and a targeted GDP growth rate of 6.4%.
The Senate Committee on Finance, National Planning, and Economic Affairs has been directed to review the MTEF/FSP and report back within one week.
The committee will scrutinize the document to ensure that it aligns with the country’s economic goals and objectives.
As part of the review process, the Finance Committee will meet with Ministries, Departments, and Agencies, MDAs, on Monday.
The meeting will provide an opportunity for the MDAs to defend their 2024 expenditure and project their 2025 budget.
Once approved, the ₦47.9 trillion budget will be Tinubu’s first full-year budget since assuming office.
The administration has signaled its intention to focus on critical areas such as infrastructure, security, and economic revitalization.
