President Bola Ahmed Tinubu presented the 2025 budget proposal of N47.96 trillion to a joint session of the National Assembly on Wednesday, arriving at the assembly complex at 12:10 pm under tight security measures.
The presentation follows the Federal Executive Council’s approval of the proposed budget on Monday.
The Senate had earlier endorsed the Medium-Term Expenditure Framework (MTEF) for 2025–2027 on November 22, setting the stage for the fiscal plan. According to the Minister of Budget and Economic Planning, Abubakar Bagudu, the budget includes new borrowings of N9.22 trillion and is based on key macroeconomic assumptions, including an oil price benchmark of $75 per barrel, oil production 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 percent.
The MTEF and Fiscal Strategy Paper, which had been previously approved by the FEC and the National Assembly, provide a three-year roadmap for the nation’s fiscal policy. These documents project aggregate expenditure for 2025 at N47.96 trillion, with planned borrowing set at N13.8 trillion, representing 3.87 percent of the GDP.
Bagudu noted that the proposed budget aligns with the framework’s parameters, designed to balance national growth priorities with fiscal responsibility. The presentation is a significant milestone in Nigeria’s budgetary process as the government seeks to address economic challenges while driving growth in the coming year.
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