Search for an article

Select a plan

Choose a plan from below, subscribe, and get access to our exclusive articles!

Monthly plan

$
13
$
0
billed monthly

Yearly plan

$
100
$
0
billed yearly

All plans include

  • Donec sagittis elementum
  • Cras tempor massa
  • Mauris eget nulla ut
  • Maecenas nec mollis
  • Donec feugiat rhoncus
  • Sed tristique laoreet
  • Fusce luctus quis urna
  • In eu nulla vehicula
  • Duis eu luctus metus
  • Maecenas consectetur
  • Vivamus mauris purus
  • Aenean neque ipsum
HomeNewsTinubu presents N47.9trn 2025 budget to NASS Dec 17

Tinubu presents N47.9trn 2025 budget to NASS Dec 17

Published on

spot_img

 

Barring any unforeseen circumstances, President Bola Tinubu will on Tuesday, December 17 present the N47.9trillion 2025 budget proposal before the joint session of the National Assembly.

Senate President, Senator Godswill Akpabio dropped the hint at the end of plenary session on Thursday.

He urged all Senators to be in the Red Chamber at 10.30a.m from where they would proceed to the Green Chamber in the House of Representatives for the joint session of budget presentation.

READ ALSO:

BREAKING! Senate issues warrant of arrest against Julius Berger MD

INEC proposes alternative to PVCs for voting

Police smash 7 one-chance gangs, recover 13 operational vehicles, POS machines

Federal Executive Council, FEC, had on November 15, approved N47.9trn for the 2025 budget, executing capital projects and managing the Federal Government’s recurrent expenditures.

The Minister of Budget and National Planning, Senator Atiku Bagudu, disclosed this in a briefing to State House media after the FEC meeting.

He said the council approved the Medium-Term Expenditure Framework, MTEF, for 2025-2027, adding that the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day.

The proposed 2025 budget will have an exchange rate pegged at N1,400 to $1, and the government is targeting a GDP growth of 6.4%.

Senator Bagudu said: “And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded. The budget size approved for presentation to the National Assembly in the MTEP is N47.9 trillion, with new borrowings of N9.2 trillion to finance the budget deficit in 2025.

“We need to sustain the commendable market deregulation of petroleum prices and exchange rates, compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even consider amending the relevant sections of the Petroleum Industry Act 2021 to address the significant risk to Federation.”

“The Federal Executive Council approved the Medium-Term Expenditure Framework and the Fiscal Strategy Paper, which will be submitted to the National Assembly.

“In addition to bills already at the National Assembly, the economic stabilisation bills and tax reform bills, which we believe will have a robust growth in 2025.”

Kindly share this story:

Contact: editor@thereporterng.com

Stay informed!
Follow us on: X.com: @TheReporter2024
Follow us on: Facebook: TheReporterNigeria
WhatsApp for breaking news, updates and exclusive content. Don't miss a headline – Click below to join now!
WHATSAPP

Latest articles

ROOTING FOR HAJJ WITH EXCELLENCE IN 2025

Tunde Akanni PhD Hajj Administrators all over the world are often quick to assert that...

Tragedy: Tenant found dead in Abeokuta apartment

Abeokuta – Authorities in Ogun State are investigating the circumstances surrounding the death of Tolulope Olusanya,...

Epe LG Chairman celebrates Olori Mulikat Adewale at 80

The Chairman, Epe Local Government Area of Lagos State,  Princess Surah Animashaun has congratulated...

WAEC introduces early re-sit exams for WASSCE candidates, as education stakeholders hail move

The West African Examinations Council (WAEC) has announced a new initiative allowing students to...

More like this

ROOTING FOR HAJJ WITH EXCELLENCE IN 2025

Tunde Akanni PhD Hajj Administrators all over the world are often quick to assert that...

Tragedy: Tenant found dead in Abeokuta apartment

Abeokuta – Authorities in Ogun State are investigating the circumstances surrounding the death of Tolulope Olusanya,...

Epe LG Chairman celebrates Olori Mulikat Adewale at 80

The Chairman, Epe Local Government Area of Lagos State,  Princess Surah Animashaun has congratulated...