At last Tinubu proposes N47.9 trillion budget one month before end of year….pegged exchange rate @ N1400 per dollar

President Bola Tinubu is set to present a total of N47.9 trillion for the 2025 budget before the National Assembly.

Minister of Budget and Economic Planning, Atiku Bagudu, announced this after Thursday’s Federal Executive Council (FEC) meeting presided over by Tinubu.

This budget proposal is part of the medium term expenditure framework (MTEF) and fiscal strategy paper for 2025-2027 in line with the Fiscal Responsibility Act of 2007.

The framework, which is expected to be submitted to the National Assembly by Friday or Monday, includes projections of a 4.6% GDP growth rate, oil benchmark of $75, and an oil production target of 2.06 million barrels per day.

The budget minister said the exchange rate was pegged at N1,400 per dollar.

2025 budget presentation to the national Assembly is coming late as we have about one month to the end of the year.

Traditionally budgets are sent to the national Assembly in the month of September or October to enable legislators to adequately overhaul and work on it.

With the national Assembly going for their annual yelutide break this means they have about two weeks to hurriedly work on the budget as the traditional of the ruling APC government is to see passage of budget on or before the 31st December for implementation to start in January of the new year.