Adaramodu added that the Senate Committee on Finance is actively reviewing the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, which are prerequisites for the budget presentation.
The Nigerian Senate has disclosed that President Bola Tinubu is expected to present the 2025 national budget within the week.
Speaking on Sunday, the Senate spokesperson, Yemi Adaramodu (APC, Ekiti South), hinted that the presentation might occur “this week or in earnest,” signalling the administration’s commitment to fiscal planning and timely budgetary processes.
Adaramodu added that the Senate Committee on Finance is actively reviewing the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, which are prerequisites for the budget presentation.
“The Senate Committee on Finance is already working on the Medium-Term Expenditure Framework and would be meeting with the Ministries, Departments, and Agencies (MDAs) tomorrow (Monday),” he explained.
The Ministries, Departments, and Agencies (MDAs) are scheduled to defend their 2024 expenditure plans and outline their projections for the 2025 budget.
Last Tuesday, President Bola Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to both the Senate and the House of Representatives.
Senate President Godswill Akpabio directed the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and present their report within a week.
The MTEF/FSP outlines key economic parameters, including a $75 per barrel oil price benchmark, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a projected GDP growth rate of 6.4%.
The projections will serve as the foundation for deliberations on the proposed N47.9trillion 2025 budget.