President Bola Ahmed Tinubu has postponed the presentation of the 2025 national budget to the National Assembly, originally scheduled for Tuesday, December 17. The budget will now be presented on Wednesday, December 18, 2024, to allow for crucial amendments to the document.
This announcement was made on Monday by the Minister of State for Agriculture and Food Security, Aliyu Abdullahi, during an award ceremony organized by the Senate Press Corps in Abuja. “The president was supposed to present the 2025 budget tomorrow, but it has been postponed to Wednesday,” Abdullahi confirmed.
The decision comes just days after Senate President Godswill Akpabio informed lawmakers that President Tinubu would present the budget to a joint session of the National Assembly in the House of Representatives chamber. The presentation was initially slated to commence at 11:00 a.m. on Tuesday.
FEC Approves ₦47.9 Trillion Budget for 2025
The Federal Executive Council (FEC) earlier approved a ₦47.96 trillion budget for 2025 at its meeting in Abuja. The approval was based on key economic projections, including an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, and an exchange rate of ₦1,400 to the U.S. dollar.
According to the Minister of Budget and Economic Planning, the 2025 framework projects total revenue of ₦34.82 trillion and an expenditure of ₦47.96 trillion, representing a 36.8% increase from the 2024 estimate.
The minister noted that the 2025 fiscal deficit is expected to stand at ₦13.13 trillion, representing 3.89% of the Gross Domestic Product (GDP). This is a significant improvement from the 6.1% deficit inherited by the Tinubu administration in the 2023 budget. “Given the successes achieved in 2024, we have managed to maintain a healthier deficit level,” he stated.
Budget Presentation and Legislative Engagement
President Tinubu’s budget presentation on Wednesday is expected to outline key priorities for the upcoming fiscal year, including efforts to address economic challenges, boost productivity, and reduce the nation’s debt burden. The presentation will also provide an opportunity for lawmakers to engage with the administration on critical policy directions and expenditure plans.
The 2025 budget comes amid expectations of fiscal reforms and renewed efforts to drive economic growth, reduce inflation, and stabilize the naira. The amendments delaying the presentation highlight the government’s focus on refining its fiscal strategy to align with national objectives.
This will mark President Tinubu’s second national budget presentation since assuming office in May 2023.
By Saifullahi Muhammad
