The Secretary of Research and Information at the National Assembly has said that President Bola Ahmed Tinubu is set to present the 2025 budget proposal to a joint session of the National Assembly on Wednesday.
While addressing journalists, he confirmed the budget presentation and requested a list of individuals permitted to access the chamber during the session.
Three weeks prior to this announcement, President Tinubu had submitted the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper to both chambers of the National Assembly.
The document outlined a proposed total expenditure of ₦26.1 trillion for the 2025 fiscal year.
Following two weeks of deliberations with heads of Ministries, Departments, and Agencies (MDAs) on revenue and expenditure projections, the Senate Finance Committee approved the MTEF, paving the way for the budget presentation.
Meanwhile, there were disagreements between members of the National Assembly on Monday regarding President Bola Tinubu’s loan requests.
This follows reports of several revenue-generating agencies of the Federal Government generating and exceeding their budgetary revenue targets for 2024 including FIRS and NNPCL.
According to Zacch Adedeji, the chairman of FIRS, while the target for Company Income Tax was set at ₦4 trillion, the actual revenue realized has reached ₦5.7 trillion.
The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari, said the company exceeded the N12.3tn revenue projected for 2024 by already raking in ₦13.1tn.
And Bashir Adeniyi, the Comptroller-General of the Nigeria Customs Service, reported that as of September 30, the agency had generated ₦5.35 trillion in revenue, surpassing the ₦5.09 trillion target set for the entire fiscal year of 2024.
