Tinubu shifts 2025 budget presentation to Wednesday
By Haruna Salami
The N47.9trillion 2025 budget presentation to the joint session of the National Assembly by President Bola Tinubu , earlier fixed for Tuesday , December 17, 2024, has been shifted to Wednesday , December 18, 2024 .
It was authoritatively gathered from a highly placed source at the National Assembly that President Tinubu will personally present the fiscal document.
President of the Senate, Senator Godswill Akpabio had earlier during Thursday plenary urged senators to be in the Red Chamber at 10.30a.m on Tuesday from where they would proceed to the Green Chamber in the House of Representatives for the joint session of budget presentation.
The Daily Times recalled that the Federal Executive Council, FEC, had on November 15, approved N47.9trn for the 2025 budget, executing capital projects and managing the Federal Government’s recurrent expenditures.
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The Minister of Budget and National Planning, Senator Atiku Bagudu, last week disclosed to correspondents at the State House that the council approved the Medium-Term Expenditure Framework, MTEF, for 2025-2027.
The 2025 budget is premises on parameters such as pegging of the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day and the exchange rate pegged at N1,400 to $1, while the government is targeting a GDP growth of 6.4%.
Senator Bagudu said: “And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded. The budget size approved for presentation to the National Assembly in the MTEP is N47.9 trillion, with new borrowings of N9.2 trillion to finance the budget deficit in 2025.
“We need to sustain the commendable market deregulation of petroleum prices and exchange rates, compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even consider amending the relevant sections of the Petroleum Industry Act 2021 to address the significant risk to Federation.”
