The Senate has revealed that President Bola Tinubu is expected to present the 2025 budget to the National Assembly within the week.
This announcement was made by the Senate spokesperson, Yemi Adaramodu, APC, Ekiti South, who noted that preparations were already in motion to facilitate this critical legislative process.
Speaking on the matter, Adaramodu said, “The President would likely present the 2025 budget this week or in earnest.” He further disclosed that the Senate Finance Committee has commenced preliminary activities, including a scheduled engagement with Ministries, Departments, and Agencies (MDAs) to review current and future fiscal plans.
“The Senate Committee on Finance is already working on the Medium-Term Expenditure Framework (MTEF) and would be meeting with the MDAs tomorrow (Monday). The MDAs are expected to defend their 2024 expenditure and also project their 2025 budget,” Adaramodu added.
This development comes on the heels of President Tinubu’s submission of the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both chambers of the National Assembly last Tuesday.
The document outlines the government’s fiscal policy direction and economic assumptions for the period, serving as a foundation for the 2025 federal budget proposal.
The Senate President, Godswill Akpabio, tasked the Senate Committees on Finance, National Planning, and Economic Affairs with reviewing the MTEF/FSP documents.
The committees are expected to complete their assessments and submit a report within one week.
Key economic indicators in the MTEF/FSP include an oil price benchmark of $75 per barrel, a daily oil production target of 2.06 million barrels, an exchange rate of N1,400 to $1, and a projected GDP growth rate of 6.4%.
These parameters underpin the proposed N47.9 trillion budget for 2025, which aims to address critical areas of national development.
Meanwhile, ongoing adjustments are being made within the Senate chamber to address minor technical issues in anticipation of President Tinubu’s official budget presentation.
As discussions unfold, stakeholders emphasize the importance of thorough scrutiny, with Adaramodu assuring the public that the Senate will subject all aspects of the fiscal plans, including tax proposals, to rigorous examination.
In related developments, public interest remains high in other Senate activities, including calls for transparency in governance.
For instance, the Senate is under pressure to investigate claims of N57 billion allegedly unaccounted for in the Ministry of Humanitarian Affairs, and experts warn about the need to avoid a looming debt crisis.
These concerns are expected to influence discussions on the upcoming budget presentation and the broader economic strategy for the country.
