President Bola Ahmed Tinubu has postponed the presentation of the N47.9 trillion 2025 budget to the National Assembly from Tuesday, December 17, 2024, to Wednesday, December 18, 2024.
According to reports from Vanguard, sources within the Senate confirmed the rescheduling, which was corroborated by a senior management staff member of the National Assembly. An official statement on the development is expected shortly.
The 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which form the foundation of the budget, were approved by the Senate on December 3, 2024. The framework projects a total expenditure of ₦47.9 trillion and includes a new borrowing plan of ₦9.22 trillion, consisting of both domestic and foreign borrowings.
Key highlights of the approved framework include:
- Exchange rate: ₦1,400 to a dollar
- Oil price benchmarks: $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.
The MTEF provides a three-year fiscal roadmap, serving as the foundation for the nation’s annual budget planning.
