President Bola Ahmed Tinubu on Wednesday presented the 2025 budget estimate of N47.9 trillion to a joint session of the National Assembly (NASS) in Abuja. This marks his second budget presentation since assuming office in May 2023.
The historic session saw lawmakers from both chambers — the House of Representatives and the Senate — gathered to receive the ambitious appropriation proposal, aimed at consolidating the administration’s developmental agenda for the country.
President Tinubu was accompanied by top government officials, including the Secretary to the Government of the Federation (SGF), Senator George Akume, and his Chief of Staff, Rt. Hon. Femi Gbajabiamila, underscoring the importance of the event.
The presentation, initially scheduled for Tuesday, was postponed to Wednesday following a Federal Executive Council (FEC) meeting at the Presidential Villa on Monday. At the meeting, the council gave its final approval for the 2025 budget, paving the way for its formal presentation to the legislature.
Providing details, the Minister of Budget and National Planning, Senator Atiku Bagudu, revealed that the N47.96 trillion expenditure represents a 36.8% increase compared to the 2024 budget. The 2025 Appropriation Bill is underpinned by key economic assumptions, including:
Oil Price Benchmark: $75 per barrel
Oil Production Target: 2.06 million barrels per day
Exchange Rate: N1,400 to a dollar
The proposed budget reflects the administration’s commitment to addressing critical national challenges such as infrastructure development, economic diversification, and social investment programs. The significant increase in expenditure aligns with the government’s strategic plan to spur economic growth and create opportunities for Nigerians.
In his address to the lawmakers, President Tinubu emphasized the need for continued collaboration between the executive and legislative arms of government to ensure the swift passage of the budget. He reiterated his administration’s commitment to transparency and accountability in the implementation of the appropriation.
The National Assembly, under the leadership of Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas, pledged their readiness to thoroughly review the budget to ensure it aligns with national priorities.
As the 2025 fiscal year approaches, Nigerians and especially economists will closely monitor the progress of the budget, which holds the promise of significant economic transformation.
