Newscenter Media News President Bola Tinubu is set to present the 2025 Appropriation Bill to the National Assembly on Tuesday, December 17, 2024.
This was disclosed by Senate President, Godswill Akpabio, during Thursday plenary on the floor of the Senate.
According to Akpabio, the president has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly. “The president has made his intention known to the National Assembly to present the 2025m budget to the joint session of the National Assembly on the 17th of December, 2024,” Akpabio said.
The budget presentation will take place at the House of Representatives Chamber, marking a significant milestone in the country’s budgeting process. This development comes after Tinubu had earlier submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both the Senate and the House of Representatives last Tuesday.
Akpabio directed the Senate Committee on Finance, National Planning, and Economic Affairs to consider the MTEF/FSP documents and report within one week. The MTEF/FSP documents provide a framework for the country’s economic development, outlining key parameters such as the oil price benchmark, daily oil production, exchange rate, and targeted GDP growth rate.
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Key parameters in the MTEF/FSP include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4%.
These figures form the basis for consideration and approval of the proposed N47.9tn 2025 budget.
As the country awaits the presentation of the 2025 Appropriation Bill, economists have called for fiscal and monetary discipline in the budget. They argue that the budget should prioritize economic growth, job creation, and poverty reduction.
The presentation of the 2025 Appropriation Bill is a significant event in the country’s budgeting process, and it is expected to provide a clear direction for the country’s economic development in the coming year.
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