EXECUTIVE AND LEGISLATURE TO FIX A DATE FOR PRESIDENT TINUBU TO PRESENT NEXT YEAR’S BUDGET AT THE NATIONAL ASSEMBLY 16-12-24
By Sadiq Aminu The Minister of Budget and National Planning, Alhaji Abubakar Bagudu, stated this in Abuja while briefing State House correspondents on the subject-matter.
In an effort to sustain annual budget presentation in December, officials of the Tinubu-led Administration are negotiating a convenient date within 48 hours for the President to present the 2025 Budget estimates.
The size of the budget is about 48 trillion Naira, with a projected revenue of over 35 trillion Naira.
Briefing State House correspondents, the Minister of Budget and National Planning, Alhaji Abubakar Bagudu, said vaguely that some consequential adjustments had been made in the budget, as directed by President Tinubu.
“The 2025 framework was based on an oil price benchmark of 75 dollars per barrel, oil production of 2.0 6 million barrels per day, and an exchange rate of 1,400 Naira per dollar”, he explained.
The Minister explained that the Medium Term Expenditure Framework and the Fiscal Strategy Paper had already been approved by the National Assembly.
“it was designed to build on the advances in macro economics stability , security gains, infrastructure gains, human capital development effort and creative industries, manufacturing and all the measures that have been taken to expand economic activity, create consumer credit, National Agricultural Development Fund, gas, Cng initiative, housing initiative”, the Minister maintained
He explained that the deficit for 2025 was projected at 13.13, representing 3.89 percent of GDP, adding that the Tinubu-led Administration inherited 6.1 from the 2023 budget, but that giving the success achieved in 2024, the government was able to maintain the deficit below the inherited threshold.