President Bola Ahmed Tinubu will formally present the 2025 budget to both chambers of the National Assembly on Tuesday.
President of the Senate, Godswill Akpabio, made this disclosure on Thursday during the Senate plenary session.
Checks revealed that both the Senate and the House of Representatives separately passed the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) last week.
The nation’s budget is typically predicated on the approved MTEF/FSP framework. The framework approved by the Senate details a total spending of ₦47.9 trillion for 2025 and includes a new borrowing plan of ₦9.22 trillion, comprising both domestic and foreign borrowings.
Further checks revealed that the Red Chamber approved the framework with an exchange rate of ₦1,400 to a dollar and adopted oil price benchmarks of $75, $76.2, and $75.3 per barrel for the years 2025, 2026, and 2027, respectively.
The lawmakers also settled on a framework with daily oil production outputs of 2.06 million, 2.10 million, and 2.35 million barrels for the three years.
The Senate further approved the sum of ₦15.38 trillion for debt servicing, while pensions, gratuities, and retirees’ benefits would account for ₦1.443 trillion. The fiscal deficit was pegged at ₦13.08 trillion.
Additionally, the lawmakers approved a Gross Domestic Product (GDP) growth rate of 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027, respectively.
