President Bola Ahmed Tinubu has postponed the presentation of the 2025 budget to the National Assembly, shifting the event from Tuesday, December 17, to Wednesday, December 18.
The announcement came from the National Assembly Service Commission (NASC) in a statement released on Monday, December 16.
This delay follows the Federal Executive Council’s (FEC) approval earlier on Monday of the N47.96 trillion budget proposal, which includes key amendments.
The proposed 2025 budget, marking a 36.8% increase from the 2024 estimate, outlines an ambitious financial plan for Nigeria, with projected revenues surpassing N34 trillion and a total expenditure of N47.96 trillion.
This plan is based on several assumptions, including a crude oil price benchmark of $75 per barrel, a daily production output of 2.06 million barrels, and an exchange rate of N1,400 to the US dollar.
The 2025 budget also reflects a projected fiscal deficit of 13.13 trillion naira, representing 3.89% of GDP
These proposals are part of a broader medium-term expenditure framework and fiscal strategy paper (MTEF/FSP), which was submitted to the National Assembly in November for review and approval.
The Senate approved the MTEF/FSP on December 3, setting the stage for the budget’s presentation.
The rescheduled presentation will now take place on December 18, with the NASC instructing staff to resume normal duties and follow controlled entry instructions for the event. The postponement has not caused significant disruptions, as the National Assembly remains on track to begin discussions on the budget following the new date.
In other key developments, the FEC has praised President Tinubu for his leadership over the past year, reaffirming its support for his policies.
Additionally, the FEC announced the approval of free train and vehicle services from December 20 to January 5, 2025, aimed at alleviating the socio-economic burden on vulnerable Nigerians during the festive period.
The Council also approved the renaming of the University of Abuja to Yakubu Gowon University, a move in honor of the former Nigerian leader.
