President Bola Tinubu is expected to present the 2025 budget proposal, which has been approved by the Federal Executive Council (FEC), to the National Assembly today, Friday, November 15. The proposed budget for the 2025 fiscal year amounts to ₦47.9 trillion, including ₦9.22 trillion in new borrowings.

The approval of the budget was announced by the Minister of Budget and Economic Planning, Atiku Bagudu, following Thursday’s FEC meeting at the Aso Rock Villa in Abuja, which was presided over by President Tinubu.

In addition to the budget, the Council also approved the Medium-Term Expenditure Framework (MTEF) for 2025-2027. Bagudu confirmed that the framework would be transmitted to the National Assembly either today or by Monday, November 18.

Despite the late submission of the budget, the Minister expressed confidence that it would be approved by the National Assembly before the end of the year. He attributed this assurance to the strong working relationship between the executive and legislative branches, as well as the mutual respect that has been cultivated between both parties.

“We are confident because we have built a respectable relationship with the National Assembly,” Bagudu said. “We have narrowed areas of misunderstanding, and due to the openness and transparency shown by the President, we believe this will facilitate the quick approval of the budget.”

He further noted that President Tinubu has instructed his team, led by the Coordinating Minister of the Economy, to engage with the National Assembly and address all inquiries during committee hearings, ensuring full cooperation between the two branches of government. This level of collaboration, Bagudu said, would allow for an expeditious review and finalization of the budget once it receives approval.