President Bola Ahmed Tinubu is set to formally present the 2025 budget to both chambers of the National Assembly on Tuesday, as confirmed by the President of the Senate, Godswill Akpabio, during Thursday’s plenary session.
Last week, both the Senate and the House of Representatives passed the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which serve as the foundation for the national budget.
The approved MTEF outlines a total expenditure of ₦47.9 trillion for 2025, with a new borrowing plan of ₦9.22 trillion, comprising both domestic and foreign borrowings.
Key highlights of the Senate-approved framework include an exchange rate of ₦1,400 to the dollar, alongside oil price benchmarks of $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.
The lawmakers also set daily oil production targets of 2.06 million, 2.10 million, and 2.35 million barrels for the three-year period.
The Senate further approved ₦15.38 trillion for debt servicing, while pensions, gratuities, and retirees’ benefits will be allocated ₦1.443 trillion. The fiscal deficit for 2025 was set at ₦13.08 trillion.
Additionally, the lawmakers projected a Gross Domestic Product (GDP) growth rate of 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027, respectively.
