Tinubu arrives national assembly to present N47.96trn 2025 budget

The legislators all rose to welcome the president and Kashim
Shettima, the vice-president, into the chamber.

On Monday, the federal executive council (FEC) approved the
N47.96 trillion proposed for the 2025 budget.

Atiku Bagudu, the minister of budget and economic planning,
said the 2025 budget represents a 36.8 percent increase from the N27.9 trillion
2024 estimate.

Nkeiruka Onyejeocha, minister of state for Labour; Abdullahi
Ganduje, chairman of the All Progressives Congress (APC), Dapo Abiodun,
governor of Ogun state, and Hope Uzodimma, governor of Imo; George Akume,
secretary to the government of the federation; Kayode Egbetekun,
inspector-general of police, are also present at the chamber.

In November, both chambers approved the 2025-2027
medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) of the
federal government.

The parliament passed the oil benchmark prices of $75,
$76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10
million, and 2.35 million for the 2025-2027 fiscal years respectively.

Also, the national assembly maintained the gross domestic
product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5
percent for the three years in the fiscal strategy paper.

The lawmakers endorsed the projected exchange rate of
N1,400/$ but said it is subject to review in early 2025 according to monetary
and fiscal policies.