KEY POINTS
- The Senate may receive ₦47.9 trillion 2025 budget from Tinubu this week.
- A benchmark of $75 oil and 6.4 percent GDP growth are key fiscal parameters as well.
- To prepare for budget deliberations, Senate committees were reviewing the MTEF/FSP.
According to Senate spokesperson Yemi Adaramodu (APC, Ekiti South), President Bola Tinubu is expected to present the 2025 budget to the Senate this week.
The Senate Finance Committee, said Adaramodu, speaking on Sunday, is already working on the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027.
Adaramodu said the Finance Committee will sit down with the Ministries, Departments, and Agencies (MDAs) on Monday to review their 2024 expenditures and project their 2025 budget. I think that the President’s presentation of the budget could happen this week or very soon, he said.
Budgetary projections of fiscal parameters
This is based on the key parameters submitted by Tinubu in the MTEF/FSP he submitted last Tuesday, which projects the budget at ₦47.9 trillion for 2025. These include:
– Oil price benchmark: $75 per barrel
– Daily oil production: 2.06 million barrels
– Exchange rate: ₦1,400 to $1
– GDP growth rate target: 6.4 percent
The MTEF/FSP is to similarly be reviewed by the Finance, National Planning and Economic Affairs Committees, which, the Senate President, Senator Godswill Akpabio, ordered to report the same in a week.
These outcomes will set the agenda for talks when Tinubu presents the 2021 budget on Thursday.
Also in the Senate chamber preparations are underway to address some minor technical issues before the President comes to visit.
