By Chimezie Gideon — December 12, 2024
President Bola Tinubu is set to present the 2025 Appropriation Bill to the National Assembly on Tuesday, December 17, 2024. This announcement was made by Senate President Godswill Akpabio during Thursday’s plenary session.
Akpabio revealed that the joint session for the budget presentation will be held in the House of Representatives Chamber. He noted that the president had earlier submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 to both legislative chambers on Tuesday, December 10, 2024.
The Senate President directed the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and submit their report within one week.
Key parameters outlined in the MTEF/FSP include: Oil Price Benchmark: $75 per barrel; Daily Oil Production: 2.06 million barrels; Exchange Rate: ₦1,400 to $1; and GDP Growth Rate: 6.4%.
These projections will guide the formulation and approval of the proposed ₦47.9 trillion 2025 budget.
