- President Bola Tinubu will submit the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper to the National Assembly next week, marking a pivotal step in the 2025 budget preparation
- The Senate Finance Committee is gearing up to engage with finance sector stakeholders to ensure a thorough review of the MTEF before the President’s budget presentation
- Lawmakers emphasise the urgency of adhering to the Fiscal Responsibility Act, aiming for a meticulous review process to meet the January-December budget cycle
According to Senate spokesman Yemi Adaramodu, President Bola Tinubu is set to submit the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper to the National Assembly next week.
The submission is a critical step in the budget preparation process, as the MTEF lays the groundwork for the national budget by guiding economic projections and policy direction.
The Senate Finance Committee is scheduled to meet with key stakeholders in the finance sector to prepare for the MTEF's submission.
Adaramodu confirmed that the document is expected to be forwarded to the National Assembly for review prior to the President's budget presentation
“The MTEF document will be forwarded to the National Assembly next week for review, in anticipation of the President’s budget presentation,” Adaramodu stated.
He assured Nigerians that the Senate is committed to conducting a thorough review of the 2025 budget once it is presented.
He emphasised the importance of this legislative process, saying, “Just as we did with the 2024 appropriation, the National Assembly will handle the 2025 budget with utmost scrutiny and urgency.”
Earlier, the Senate had indicated that the Federal Government would submit the MTEF and Fiscal Strategy Paper shortly after the President's return from international engagements. The House of Representatives also expressed confidence that it would have sufficient time to review both documents once transmitted.
In a recent discussion, House member Clement Jimbo highlighted concerns about the timeline for reviewing the 2025 budget estimates, noting the urgency as the end of 2024 approaches.
The House stressed the need for the Federal Government to adhere to the Fiscal Responsibility Act of 2007, which mandates the preparation of the MTEF no later than four months before the next financial year.
The legislative body has urged the Federal Government to transmit the budget estimates and MTEF promptly to facilitate thorough scrutiny and compliance with the January-December budget cycle.
Deputy House spokesman Philip Agbese reiterated the importance of a meticulous review, stating, “It is not how quick and fast, but the meticulous work done on the 2025 budget proposal.”
He expressed confidence in the Ministers of Finance and Budget and National Planning, anticipating that the MTEF will be received in record time, paving the way for the subsequent budget transmission to the National Assembly.
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