Ahead of the resumption of the Senate and the House of Representatives today, Tuesday, issues bordering on the 2025 budget consideration and possible approval of the tax reform bills are at the front burner of legislative attention.
Both chambers had on the 30th of October, 2024, adjourned to 19th November, 2024 in the heat of issues surrounding the four different tax reform bills separately forwarded to them for consideration and approval by President Bola Tinubu.
Before the adjournment, the Senate had listed the tax reform bills on its Order Paper for first reading but stood it down along with other items for screening and confirmation of the recently appointed seven ministerial nominees by President Bola Tinubu.
Consideration and passage
For the 2025 budget, the Presidency through the Minister of Budget and Economic Planning, Senator Atiku Bagudu, announced last week, that an estimate proposal of N47.9trillion had been approved by the Federal Executive Council (FEC) as contained in 2025 – 2027 Mid- Term Expenditure Frame Work and Fiscal Strategy Paper (FSP), that will be sent to National Assembly for consideration and passage.
The minister specifically told the State House Correspondents that documents on 2025 – 2027 MTEF and FSP, will get to both chambers of the National Assembly before resumption this week Tuesday.
Going by the minister’s disclosure, the first agenda for both the Chambers would be reading of communication from President Bola Tinubu on 2025 – 2027 MTEF /FSP, consideration and approval of which would set the stage for presentation of the 2025 budget .
The proposed N47.9trillion budget as explained by the Presidency last week is predicated on Crude Oil Benchmark of $75 per barrel, Daily Oil Production of 2.06 million barrels , Exchange Rate of N1,400 to $1 and targeted GDP Growth rate of 6.4%.
Lateefah Ibrahim
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