President Bola Tinubu is set to present the 2025 Appropriation Bill to a joint session of the National Assembly on Tuesday, December 17, 2024. The announcement was made by Senate President Godswill Akpabio during a recent plenary session. The presentation, scheduled to take place at 11:00 a.m. in the House of Representatives chamber, will outline the administration’s fiscal priorities for the coming year.
The proposed budget, estimated at ₦47.9 trillion, is based on projections detailed in the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027. Key assumptions include an oil price benchmark of $75 per barrel, a daily crude oil production target of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and a projected GDP growth rate of 6.4%. These figures highlight the government’s focus on macroeconomic stability and revenue generation.
To address the anticipated budget deficit, the administration plans to raise ₦9.22 trillion through both domestic and foreign borrowings. This approach is part of a broader strategy to finance critical capital projects while managing recurrent expenditures. This will mark Tinubu’s second budget presentation since assuming office, reflecting his administration’s commitment to economic recovery and fiscal discipline.
The Federal Executive Council approved the budget proposal in November, emphasizing its alignment with the administration’s development goals. Priority sectors are expected to include infrastructure, education, healthcare, and social investment programs aimed at improving the quality of life for Nigerians. The government also seeks to enhance non-oil revenue generation through tax reforms and diversification efforts.
As the National Assembly prepares to deliberate on the budget, stakeholders and citizens are keenly watching to assess its potential impact on Nigeria’s economy. The presentation represents a significant milestone in Tinubu’s administration, offering insights into its strategies for addressing key challenges such as inflation, unemployment, and public debt while fostering inclusive growth.
