Tinubu To Present 2025 Budget In December

Emerging reports suggest that President Bola Tinubu may deliver the 2025 budget to a joint session of the National Assembly during the first week of December 2024, despite the finalization of necessary templates still being ongoing as of mid-November.

The Senate’s Finance Committee has stated that the timing of the budget presentation is solely the prerogative of the executive branch, led by President Tinubu.

Historically, during the 9th National Assembly under former President Muhammadu Buhari, the budget estimates for the upcoming fiscal year were typically presented in the first week of October, following the submission of the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) for a comprehensive review.

Under Buhari, these key documents were usually received in September, allowing for essential discussions with relevant revenue-generating agencies by the Finance Committees in both chambers of the National Assembly.

Concerned about the delay in receiving these crucial documents from the presidency, journalists asked Senator Mohammed Sani Musa (APC Niger East), Chairman of the Senate Committee on Finance, about the timing of the 2025 budget presentation.

Senator Musa explained that the decision rests with the executive branch, stating, “The executive should be able to answer that question, as I know they are doing their work.” He mentioned that he and committee members have discussed the 2024 budget performance with both the Minister of Finance and the CEO of the Nigerian National Petroleum Company Limited (NNPCL). “They are working on the 2025 budget and will forward it to us once it’s completed. The decision lies with the executive, not with us at the National Assembly,” he emphasized.

It is worth noting that President Tinubu submitted the 2024 budget estimates to the National Assembly on November 29, 2023, which led to subsequent delays. The Senate and the House of Representatives passed it on December 30, 2023, and it was signed into law on January 1, 2024.

The executive has not yet announced the anticipated 2025-2027 Medium Term Expenditure Framework (MTEF), which will outline key parameters for the 2025 budget, including oil price benchmarks, projected daily oil production, exchange rates, and inflation rates.

Nonetheless, both Senator Musa and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed optimism following their recent discussions, indicating progress in the government’s economic reforms.

Senator Musa said, “I believe in the assurance given by the Finance Minister that our economy is improving due to the reforms. Our debt-to-GDP ratio is decreasing, and positive indicators are emerging. Nigerians can expect to see tangible benefits within the next 16 to 18 months.”