President Bola Tinubu has officially arrived at the National Assembly complex for the presentation of the 2025 budget proposal. The President’s convoy reached the assembly at precisely 12:10 PM on Wednesday, surrounded by a heavy security presence.
This follows the approval of the 2025 budget by the Federal Executive Council earlier this week. The budget proposal, which amounts to N47.96 trillion, was crafted in line with fiscal strategies set out in the Medium-Term Expenditure Framework (MTEF) for the period 2025-2027, which was endorsed by the Senate on November 22, 2024.
The proposed budget includes significant new borrowings of N9.22 trillion, a vital component of the fiscal plan. According to the Minister of Budget and Economic Planning, Abubakar Bagudu, the new borrowings are necessary to support the nation’s economic growth and development.
The 2025 budget will be presented to a joint session of the National Assembly, where it is expected to reflect the economic policies and projections laid out in the MTEF. Key components of the MTEF include an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, an exchange rate of N1,400 to the US dollar, and a projected GDP growth rate of 4.6%.
The Federal Executive Council approved the MTEF and Fiscal Strategy Paper on November 14, 2024, underscoring the government’s strategic approach to national budgeting. This plan sets out crucial macroeconomic targets and assumptions that will guide fiscal policies for the coming years.
The budget’s total expenditure remains fixed at N47.96 trillion, with projected borrowings amounting to N13.8 trillion. This level of borrowing is expected to constitute 3.87% of the country’s GDP.
Following the arrival of President Tinubu at the National Assembly, the budget presentation is expected to signal the next phase of Nigeria’s economic strategy, as the government seeks to implement its reforms and fiscal policies designed to strengthen the economy.
The presentation comes at a time of optimism about the country’s future, with the government working to align the national budget with its growth objectives, targeting increased investment, economic stability, and improved public service delivery across the country. The National Assembly will now begin its deliberations on the proposed budget, with further discussions expected in the coming days.
As Nigeria continues its journey towards sustainable economic growth, the 2025 budget will be a key instrument in determining the country’s trajectory, particularly in addressing critical sectors such as infrastructure, healthcare, education, and security. The focus will also be on how effectively the government manages public finances while balancing development goals with fiscal discipline.
