Before considering the Medium-Term Expenditure Framework (MTEF), the Senate has given the executive branch of government a two-week deadline to provide a thorough, documented report on the implementation of the 2024 budget, together with forecasts for the 2025 fiscal year.
At the National Assembly in Abuja, the Senate Committee on Finance and President Bola Tinubu’s economic team, headed by Minister of Finance and Coordinating Minister of the Economy Wale Edun, met and issued the directive.
In his ultimatum, Senator Sani Musa, the chairman of the Senate Committee on Finance, stated that the senate would not begin deliberations on the Fiscal Strategy Paper (FSP) and the 2026–2028 MTEF until it had a comprehensive performance report on the current year’s budget.
“Without first knowing how the 2024 budget has performed thus far, we cannot move forward with the MTEF,” Senator Musa said.
“We will examine the 2026 MTEF after you respond and submit a documented report by October 23.”
Senate Requests Fiscal Planning Transparency
Musa emphasized that parliamentarians need precise performance data in order to evaluate the MTEF’s fiscal estimates and economic assumptions.
He clarified that the committee’s analysis would concentrate on project execution, revenue performance, and spending trends under the 2024 budget, emphasizing that such an assessment was necessary for sound financial planning.
“Projections based on assumptions will not be approved by the Senate. The senator went on, “To guarantee accountability in public finance, we require facts, figures, and verified performance reports.”
Leading the discussions on Nigeria’s macroeconomic outlook and fiscal policy orientation ahead of the 2025 budget cycle was Finance Minister Wale Edun, one of the important members of the President’s economic team who attended the conference.
Given the capital releases, income shortages, and debt service requirements, the Senate’s stance highlights members’ mounting concerns about the 2024 budget’s implementation rate.
Annual budgets are based on the Medium-Term Expenditure Framework (MTEF), which lays out the government’s spending caps and fiscal policy priorities for a three-year period.
A thorough and verifiable report outlining the extent to which the 2024 budget has been implemented must be presented by the Federal Government by October 23 in order for the Senate to debate the next fiscal plan.
