President Bola Tinubu is currently addressing the joint session of the national assembly to present the 2025 budget proposal.
The proposed financial appropriation for the coming year is N47.96 trillion.
According to Tinubu, the budget is tagged ‘Budget of Restoration.”
It was gathered that the president walked into the green chamber at exactly 12:14pm.
Senate President Godswill Akpabio, Tajudeen Abbas, speaker of the house of representatives; and members of both chambers are seated before the president entered the chamber.
The legislators all rose to welcome the president and Kashim Shettima, the vice-president, into the chamber.
Really that 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.
