President Bola Tinubu’s administration has concluded final adjustments to Nigeria’s ambitious N47.96 trillion budget for 2025, setting the stage for its presentation to the National Assembly on Wednesday. The Federal Executive Council’s last-minute refinements forced a one-day postponement of the originally scheduled presentation, highlighting the meticulous attention being given to the nation’s fiscal planning.
Minister of State for Agriculture, Sabi Abdullahi, confirmed the delay, noting that the executive branch required additional time for crucial modifications to the spending plan. This development follows the Senate’s recent endorsement of the Medium-Term Expenditure Framework (MTEF) 2025-2027, which provides the foundational parameters for the budget.
Budget and Economic Planning Minister Abubakar Bagudu revealed that the spending proposal maintains its original size of N47.96 trillion, including significant new borrowings of N9.22 trillion. These figures emerged following deliberations at the Federal Executive Council meeting held at Aso Rock Villa, Abuja, underscoring the administration’s commitment to its fiscal strategy.
The MTEF, approved by the council on November 14, 2024, sets ambitious economic targets for the next three years. These include an oil price benchmark of $75 per barrel and a daily oil production target of 2.06 million barrels, reflecting optimistic projections for Nigeria’s primary revenue source. The framework also anticipates an exchange rate of N1,400 to the US dollar and targets a GDP growth rate of 4.6 percent.
Senate President Godswill Akpabio had previously announced plans for a formal presentation ceremony, with proceedings scheduled to begin at 10:30 am in the Red Chamber before moving to the House chamber. The revised timeline now accommodates the executive’s need for final adjustments while maintaining the ceremonial aspects of the budget presentation.
The planned borrowing of N13.8 trillion, representing 3.87 percent of GDP, signals the government’s strategy to bridge funding gaps through debt financing. This approach has sparked discussions about fiscal sustainability and the need to balance development goals with debt management.
The delay in presentation, while brief, demonstrates the administration’s careful approach to fiscal planning amid challenging economic conditions. The budget’s size and structure reflect both the government’s ambitious development agenda and the complex economic realities facing Nigeria.
This budget marks a critical moment for Tinubu’s administration, representing its first full-year fiscal plan since taking office. The detailed attention being paid to its preparation suggests a recognition of the document’s importance in shaping Nigeria’s economic trajectory during a period of significant reforms and challenges.
The presentation to the National Assembly will initiate a crucial phase of legislative scrutiny and debate, as lawmakers examine the proposals and their alignment with national development priorities. The eventual outcome of this process will largely determine the government’s ability to implement its economic agenda in the coming year.
