Federal Government Makes Final Adjustments to 2025 Budget Ahead of Presentation

The Federal Government of Nigeria has approved the 2025 budget proposal, paving the way for its presentation by President Bola Tinubu. This approval follows the Senate’s recent endorsement of the Medium-Term Expenditure Framework (MTEF) for the years 2025 to 2027 on November 22.

Originally scheduled for today (Tuesday), the budget presentation has now been postponed to Wednesday. The delay allows the executive to finalize certain adjustments to the budget. Minister of State for Agriculture, Sabi Abdullahi, confirmed this change, explaining that a few minor tweaks were needed before the official presentation.

Senate President Godswill Akpabio had earlier announced that the budget would be presented on Tuesday, with a special plenary session set to begin at 10:30 AM. Senators would then proceed in a procession to the House of Representatives for the event.

The proposed budget for 2025 is set at an ambitious N47.96 trillion, with planned borrowings amounting to N9.22 trillion. These figures align with the MTEF’s projections, which also include an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, and an exchange rate assumption of N1,400 to the US dollar. With a GDP growth target of 4.6%, the overall expenditure for 2025 is projected to be N47.96 trillion, supported by borrowing plans amounting to 3.87% of GDP.

The MTEF, approved by the Federal Executive Council on November 14, sets the fiscal direction for Nigeria’s national budget over the next three years, focusing on macroeconomic assumptions, fiscal policies, and critical targets like oil prices, inflation rates, and exchange rates.

The 2025 budget’s final approval and upcoming presentation mark an important step in the Nigerian government’s effort to achieve its fiscal goals and strengthen the national economy, with a strategic focus on balancing growth with sustainability.