The National Assembly is currently in discussions to potentially reschedule President Bola Tinubu’s budget presentation from Tuesday to Wednesday.
Minister Clarifies Legislative Authority
Minister of Information and National Orientation, Mohammed Idris, clarified during a Monday briefing following the Federal Executive Council (FEC) meeting that the decision on when the President can present the budget lies solely with the National Assembly. Idris indicated that there’s an active dialogue with the legislators, hinting at a possible Wednesday presentation for the 2025 Appropriation Bill.
Background on Budget Presentation
Originally, President Tinubu was scheduled to present the budget on Tuesday, marking his second full budget since taking office in May 2023. This budget presentation will follow the Senate’s approval on December 3 of the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), setting a total expenditure at ₦47.9 trillion.
Economic Framework and Borrowing
The approved MTEF includes a significant borrowing plan of ₦9.22 trillion, blending both domestic and international loans. This framework serves as the foundation for Nigeria’s three-year financial planning, with key economic assumptions including an exchange rate of ₦1,400 to one U.S. dollar and oil prices set at $75, $76.2, and $75.3 per barrel for the years 2025, 2026, and 2027 respectively.
