President Bola Tinubu is to present the proposed N47.96tn budget to the joint session of the National Assembly on Wednesday instead of the earlier date of Tuesday.
The Minister of State for Agriculture, Sabi Abdullahi, who disclosed this on Monday after the Federal Executive Council (FEC) meeting in the Villa in Abuja, said the postponement was to allow the executive arm to make final adjustments to the budget
Abdullahi said “The budget presentation has been postponed from Tuesday to Wednesday. The executive.
Senate President, Godswill Akpabio, had told the plenary that Tinubu would present the budget on Tuesday at the House of Representatives chamber.
Akpabio added that plenary would begin at 10:30am to allow senators convene in the Red Chamber before proceeding in a procession to the House chamber for the presentation.
The Minister of the Budget and Economic Planning, Abubakar Bagudu, on Tuesday, after the Federal Executive Council meeting at the Aso Rock Villa, Abuja, said the budget figure still stands at N47.96tn as the MTEF proposed, with new borrowings of N9.22trillion
On Monday, the minister revealed that “Today, the Federal Executive Council approved the budget proposals 2025 with amendments which Mr President directed following a presentation to the Federal Executive Council led by the Director-General of the Budget Office, Tanimu Yakubu.
“The 2025 framework is based on an oil price benchmark of $75 per barrel. Oil production of 2.06 million barrels per day; exchange rate of N1,400 (to the dollar). All these are already included in the medium-term expenditure framework we have presented here, which has also been approved by the National Assembly.
“So, the total projected revenue for 2025 stands at N34.82tn, out of which the expenditure is projected at N47.96tn, an increase of 36.8 per cent from the 2024 estimate. The deficit for 2025 is projected at N13.13tn, representing 3.89 per cent of GDP.”
According to him, members of the council made comments and the President ordered “some consequential adjustments while approving the figures.”
The disclosure comes after weeks of delay, even as President Bola Tinubu is yet to present the 2025 Appropriation Bill to the National Assembly. The President presented the 2024 budget on December 1, 2023.
