President Tinubu To Present 2025 Budget In December

New developments indicate that President Bola Tinubu might unveil the 2025 budget to both chambers of the National Assembly in the first week of December 2024, even though the essential templates are yet to be completed by the tenth day of November.

The Senate’s Finance Committee has made it clear that the schedule for the budget unveiling is entirely up to the executive branch, with President Tinubu at the helm.

In the past, during the 9th National Assembly and under former President Muhammadu Buhari, it was common for budget projections for the next fiscal year to be shared in the first week of October, right after the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) were submitted for an in-depth examination.

During Buhari’s term, these critical documents were usually received in September, which allowed the Finance Committees in both the Senate and the House of Representatives to have discussions with the relevant agencies that generate revenue.

Due to the delay in getting these important documents from the presidency, reporters have raised concerns about the schedule for the 2025 budget presentation, questioning Senator Mohammed Sani Musa (APC Niger East), who leads the Senate Committee on Finance, about the expected timing.

Senator Musa clarified that the decision lies with the executive, stating, “The executive should be able to answer that question, as I know they are doing their work.”

He added that he and committee members have engaged with the Minister of Finance and the Nigerian National Petroleum Company Limited (NNPCL) CEO about the performance of the 2024 budget.

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“They are working on the 2025 budget and will forward it to us once it is completed. The decision lies with the executive, not us at the National Assembly,” he stated.

It’s important to mention that President Tinubu submitted the budget estimates for 2024 to the National Assembly on November 29, 2023, which caused a delay.

The Senate and the House of Representatives approved it on December 30, 2023, and it became law on January 1, 2024.

However, the President has not yet announced the expected budget plans for 2025-2027, which would detail essential elements for the 2025 budget, including oil price standards, expected daily oil output, exchange rates, and inflation rates.

Despite this, Senator Musa and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, have given assurances after their recent talks, showing signs of progress in the government’s economic reforms.

Senator Musa expressed optimism, stating, “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 already emerging. Nigerians will see tangible benefits within the next 16 to 18 months.”