There was undue apprehension on the level of preparation of the House of Representatives for the formal presentation of the 2025 budget estimates to the joint session of the National Assembly as the Lower Chamber ends the week’s legislative activities without the announcement of communication from the Presidency.
Speaker Tajudeen Abbas presided over Thursday’s plenary during which 34 items listed on the Order Paper were deliberated on.
However, some of the lawmakers who spoke to our Correspondent, hinted that there was a communication that the 2025 budget will be presented next Tuesday.
The 2025 budget estimates comes barely 15 days to the end of the 2024 financial year, as against the three months prescribed by the financial regulations.
Various stakeholders who expressed displeasure over the prolonged delay in the presentation of the 2025 budget estimates, lamented the inordinate attitude of the present administration to sustain the gains of return to January – December budget cycle achieved during the 9th session of the National Assembly.
The House had on the 27th November 2024 approved the three-year projections as encapsulated in the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) approved a significant increase from the current 1.78mbpd to 2.06mbpd for 2025, 2.10mbpd for 2026 and 2.35mbpd domestic crude oil production for 2027, respectively.
In addition, the House endorsed a projected End GDP growth rate at 4.6%. 4.4% and 5.5% for years 2025, 2026, and 2027, and the projected exchange rate which stands at N1400/USD for years 2025, 2026, and 2027 subject however to review in early 2025 according to monetary and fiscal policies.
Similarly, the House approved the Inflation rate projections of 15.75%, 14 21%, and 10 04% for years 2025, 2026 and 2027.
The House explained that based on the criteria in the overview of the framework for revenues and expenses, the 2025 Federal Budget proposed spending is to stand at NGN47. 9 trillion, of which NGN34. 82 trillion was retained.
The House further explained that new borrowings stood at N9. 22 trillion which constitutes both domestic and foreign borrowings just as debt service was valued at N15. 38 trillion; pensions, gratuities, and retirees benefits stood at N1.443 trillion, and fiscal deficit at N13.08 trillion.
The House agreed that the Capital expenditure is projected at N16.48 trillion which is exclusive of transfers; statutory transfers stand at N4 26 trillion; Sinking Fund is projected at N430.27 billion.
The House also approved the respective figures for total recurrent (non-debt) at N14.21 trillion; special intervention for recurrent and capital is at N200 billion and N7 billion.
The House further approved the promissory Note Programme and Bond Issuance to set the outstanding claims and liabilities of Federal Government owed to States, high priority judgments as well as liabilities incurred by Federal Ministries, Department, and Agencies on behalf of Government.
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