Get ready, Naija! President Bola Tinubu is set to present the highly anticipated 2025 budget to the National Assembly next Tuesday. This is a major move that will shape Nigeria’s financial landscape for the coming year. With a whopping N47.9 trillion on the table, everyone’s eyes are on the details. Let’s dive into what this means for you.
Here’s a quick rundown of what to expect:
- Budget Presentation: President Tinubu will present the 2025 budget to the National Assembly on Tuesday, December 17th, 2024.
- Venue: The big event will take place at the House of Representatives Chamber.
- Massive Spending: The budget proposal is a staggering N47.9 trillion.
- Oil Benchmark: The budget is based on an oil price of $75 per barrel and a daily production of 2.06 million barrels.
- Exchange Rate: The Naira is pegged at N1,400 to $1.
- GDP Growth Target: The government is aiming for a GDP growth rate of 6.4%.
The Big Announcement
Senate President Godswill Akpabio dropped the news during a plenary session on Thursday. He told lawmakers that President Tinubu will present the budget to a joint session of the National Assembly. Mark your calendars—December 17th is the day! The session will kick off at 10:30 am, with senators gathering first before heading to the House of Representatives chamber. It’s all set to be a grand affair.
Budget Breakdown
So, what exactly is this N47.9 trillion going to be used for? Well, the Federal Executive Council has already given the nod to this massive spending plan. This budget will cover a wide range of capital projects and recurrent expenditures of the Federal Government. The government has also set key financial parameters like the $75 per barrel oil price benchmark, the daily production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4%.
Key Budget Parameters
| Parameter | Value |
|---|---|
| Oil Price Benchmark | $75 per barrel |
| Daily Oil Production | 2.06 million barrels |
| Exchange Rate | N1,400 to $1 |
| GDP Growth Target | 6.4% |
What Does This Mean For You?
This budget is not just a bunch of numbers; it’s going to affect the lives of every Nigerian. From the money allocated for infrastructure projects to the funds for social programs, this spending plan will impact our daily lives. The government is also looking at taking new loans of N9.2 trillion to finance the budget deficit in 2025. All eyes will be on the National Assembly to see how they will handle the proposed budget.
Why These Numbers Matter
These figures aren’t just pulled out of thin air. They are based on the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which was already submitted by the President to both the Senate and the House of Representatives. It’s like the foundation for the whole budget. Senator Atiku Bagudu, the Minister of Budget and National Planning, has been the face of the government’s fiscal planning strategy, ensuring the country’s budget is realistic and achievable.
Stay Tuned for More
This is just the beginning. We’ll be keeping you in the loop as more details about the budget emerge. Keep your eyes peeled and stay informed! This is a game changer, and you’ve got to know what’s happening.
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