Tinubu may present ₦47.9 trillion 2025 budget to National Assembly today

President Bola Tinubu is expected to present the 2025 budget proposal, recently approved by the Federal Executive Council (FEC), to the National Assembly today, Friday, November 15.

The federal government has proposed ₦47.9 trillion for the 2025 fiscal year, including ₦9.22 trillion in new borrowing, which was approved during the FEC meeting on Thursday at Aso Rock Villa in Abuja.

Following the meeting, Minister of Budget and Economic Planning, Atiku Bagudu, informed State House correspondents that the Council also approved the Medium Term Expenditure Framework (MTEF) for 2025-2027, which will be submitted to the National Assembly either on Friday, November 15, or Monday, November 18.

Bagudu expressed confidence that despite the late submission, the National Assembly would pass the budget proposal by year-end, enabling the government to maintain the January-to-December budget cycle. He cited the strong collaboration and mutual respect between the executive and the legislature, with both sides prepared to work efficiently.

“We are confident because we have built a respectable relationship with the National Assembly. We have narrowed the areas of misunderstanding. And because of that mutual respect, Mr President is very transparent with the National Assembly leadership. And the National Assembly appreciates that openness.

“He [President] has instructed all his teams to ensure we cooperate with the National Assembly. For instance, the team led by the Coordinating Minister of the Economy has been mandated not only to wait but also to engage the National Assembly and answer all questions at the committee hearings.

“So, I’m confident because of this combination of factors. With this cooperation, I believe we’ll see an expeditious consideration, and immediately we are aware of the approval, we will finalise the budget because the MTEF precedes the budget preparation,” Bagudu said.