President Bola Tinubu has postponed the presentation of the 2025 budget to the National Assembly, moving it from Tuesday to Wednesday, December 20, 2024. The announcement was made by Minister of State for Agriculture and Food Security, Aliyu Abdullahi, during an award ceremony organized by the Senate Press Corps in Abuja on Monday.
“The president was supposed to present the 2025 budget tomorrow but it has been postponed to Wednesday,” Abdullahi said. The Minister’s statement clarified the change in schedule, which was made just days before the scheduled presentation. The original date, as previously announced by the Senate President, Godswill Akpabio, was set for Tuesday, December 19.
Akpabio had earlier informed the public during a plenary session on Thursday that President Tinubu would present the budget at 11:00 a.m. on Tuesday. The budget was to be delivered to a joint session of the National Assembly in the House of Representatives chamber, but the new date means the presentation will now take place on Wednesday.
Explaining the reason for the delay, Minister Abdullahi noted that the postponement was due to “some required amendments in the budget.” The adjustments are believed to be necessary to ensure that the budget aligns with the government’s fiscal policies and economic projections for the upcoming year.
Earlier on the same day, the Federal Executive Council (FEC) approved the 2025 budget, which totals N47.9 trillion. The Minister of Budget and Economic Planning provided details about the budget framework at the conclusion of the FEC meeting, highlighting key projections for the year.
The proposed 2025 budget is based on a benchmark oil price of $75 per barrel, an oil production target of 2.06 million barrels per day, and an exchange rate of N1,400. The total projected revenue for 2025 is estimated at N34.82 trillion, while expenditure is projected at N47.96 trillion, marking an increase of 36.8 percent from the 2024 budget. The projected deficit for the year stands at N13.13 trillion, representing 3.89 percent of GDP, an improvement from the 6.1 percent deficit in the 2023 budget.
