President Bola Ahmed Tinubu has asked the National Assembly to increase the proposed 2025 national budget to N54.2 trillion, reflecting a N4.5 trillion increment from the initial proposal of N49.7 trillion submitted in December 2024.
The president’s new request was conveyed in a letter read by Senate President Godswill Akpabio during Wednesday’s session in the red chamber. The proposal, if approved, would mark a significant adjustment to the fiscal roadmap for the upcoming year.
In December 2024, Tinubu had presented the budget proposal to lawmakers, emphasizing a focus on economic recovery, infrastructure development, and enhanced public services. However, the revised figure suggests the government’s readiness to tackle additional financial commitments and economic realities.
This development comes after both chambers of the National Assembly approved the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) last year, which serve as the foundation for budget planning.
Key highlights from the MTEF and FSP include:
- Oil benchmark prices set at $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027 respectively.
- Projected daily crude oil production of 2.06 million, 2.10 million, and 2.35 million barrels for the three years.
- A gross domestic product (GDP) growth rate forecast of 4.6%, 4.4%, and 5.5% for the 2025-2027 period.
- An exchange rate projection of N1,400 to $1, subject to review in early 2025 based on prevailing monetary and fiscal policies.
