President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly on Tuesday.
The Senate President, Godswill Akpabio, disclosed this during plenary on Thursday.
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Mr Akpabio said the budget presentation will begin at 11:00 a.m. and be held in the House of Representatives chamber.
“His Excellency, the president of the Federal Republic of Nigeria, has indicated his intention to bring the 2025 budget proposals and estimates to a joint sitting of the National Assembly on 17th day of December, 2024.
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“That will be at 11:00 a.m., prompt. That will be at the House of Representatives as usual. I am talking about Tuesday next week,” Mr Akpabio said.
On 3 December, the Senate approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) with a total spending of ₦47.9 trillion.
The expenditure framework was approved with a new borrowing plan of N9.22 trillion, constituting domestic and foreign borrowings.
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The MTEF is a projection of the federal government’s three-year spending plan. The nation’s budget is predicated on this framework.
The framework was approved with an exchange rate of ₦1,400 to a dollar and adopted the oil prices of $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027 respectively.
The proposed 2025 budget will be President Tinubu’s second full budget to be presented to the National Assembly.
In his speech at a joint session of the National Assembly on 29 May, Mr Tinubu promised to present the 2024 supplementary budget for the 2024 fiscal year to the National Assembly but failed to do so.
Three budgets in one year
The lifespan of the 2024 budget will expire at the end of December.
Based on the appropriation bills passed so far under the 10th Senate, Nigeria is implementing three budgets in one fiscal year – the 2023 budget, the 2023 supplementary budget and the 2024 Appropriation Act.
The 2023 budget of N21.8 trillion and its supplementary budget of N2.17 trillion were the last two budgets implemented by former President Muhammadu Buhari.
When President Tinubu came to power, he requested that the capital components of the two budgets be extended till June to allow the federal government to complete ongoing projects captured in the budgets.
READ ALSO: Tinubu’s tax reforms will alleviate burden on vulnerable Nigerians – Minister
When the implementations were supposed to close in June, the president requested an additional extension till 31 December, also citing the completion of ongoing projects. The 2023 budget and 2023 supplementary budget are under implementation despite the 2024 budget of N28.7 trillion.
This is the first time Nigeria has implemented three budgets in one fiscal year based on the approval of the National Assembly since the return of democracy in 1999.
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