President Bola Tinubu arrived at the National Assembly complex at 12:10 pm on Wednesday to formally present the 2025 budget proposal to a joint session of lawmakers. The visit was conducted under heightened security measures.
This presentation comes after the Federal Executive Council (FEC) approved the proposed N47.96 trillion budget on Monday.
The Senate had earlier endorsed the Medium-Term Expenditure Framework (MTEF) for 2025–2027 on November 22, laying the groundwork for the fiscal plan.
According to Abubakar Bagudu, Minister of Budget and Economic Planning, the budget includes new borrowings of N9.22 trillion.
The framework is built on macroeconomic assumptions such as an oil price benchmark of $75 per barrel, oil production at 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 FEC and National Assembly had previously approved the MTEF and Fiscal Strategy Paper, which serve as a three-year roadmap for national fiscal policy.
These documents project aggregate expenditure for 2025 at N47.96 trillion and planned borrowing at N13.8 trillion, equivalent to 3.87 percent of the GDP.
Bagudu emphasized that the proposed budget aligns with the framework’s parameters, which aim to balance national growth priorities with fiscal responsibility.