President Tinubu Likely To Present 2025 Budget To National Assembly In December.
Indications are emerging that President Bola Tinubu may present the 2025 budget to the joint session of the National Assembly in early December 2024. While this deviates from the established tradition of October budget presentations under former President Muhammadu Buhari, officials suggest preparations are underway to meet the December timeline.
The Senate Committee on Finance, led by Senator Sani Musa, has stated that the timing of the budget presentation rests solely with the executive. Under Buhari’s administration, the budget presentation followed a strict timeline with the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted in September. This ensured a prompt October presentation of budget estimates, allowing for thorough evaluation by legislative committees.
However, with no mention of the 2025-2027 MTEF as of mid-November, journalists questioned Senator Musa on when the budget would be submitted. Musa, who recently led discussions with the Minister of Finance and officials from key economic bodies, including the Nigerian National Petroleum Company (NNPCL), affirmed that the executive is working on the budget and would submit it once preparations are complete.
“The executive should be able to answer that question, as they are working on it. Along with the Finance Committee, we’ve engaged with the Minister of Finance, the CEO of NNPCL, and other top economic officials on the 2024 budget’s performance,” he said. “The decision on when to present the 2025 budget lies with the executive.”
The delay in budget presentation is reminiscent of last year, when President Tinubu presented the 2024 budget on 29 November, leading to its approval by the National Assembly on 30 December 2023 and subsequent signing into law on 1 January 2024. This year, however, hopes are high that an earlier December presentation might lead to a more timely approval process.
The anticipated MTEF, which typically includes critical economic indicators such as the oil price benchmark, projected daily oil production, and inflation rate, is also still awaited. These parameters are crucial as they form the foundation upon which the 2025 budget will be developed.
Despite the delay, Senator Musa and Finance Minister Wale Edun remain optimistic, emphasising that Nigeria’s economy is showing positive signs of growth and stability. According to Edun, economic reforms are yielding results, with the country’s debt-to-GDP ratio decreasing. “Our economic reforms are beginning to bear fruit,” said Edun. “Within the next 16 to 18 months, Nigerians will start to see the benefits in real terms.”
As the government progresses with the 2025 budget’s preparation, all eyes are on December for the formal presentation, marking a critical step in Nigeria’s economic planning for the coming year.
