President Bola Tinubu is presenting a 2025 budget estimate of N47.9 tn to a joint session of the National Assembly (NASS).
Lawmakers from the House of Representatives and the Senate were seated on Wednesday as the President presented his second budget proposal to the joint session.
Tinubu was accompanied to the presentation by the Secretary to the Government of the Federation (SGF), George Akume; the Chief of Staff to the President, Femi Gbajabiamila; among other top government officials.
The presentation was expected to take place on Tuesday but that was moved to Wednesday after a meeting of the Federal Executive Council (FEC) held on Monday at the Presidential Villa in Abuja.
That same day, FEC approved the budget estimate for the year 2025.
According to the Minister of Budget and National Planning, Atiku Bagudu, the 2025 expenditure is projected at forty-seven trillion nine hundred sixty billion naira, which is an increase of 36.8 per cent from the 2024 estimate.
Bagudu said the 2025 Appropriation Bill is pegged on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of N1,400 to a dollar.
More to follow…
