Indications have emerged that President Bola Tinubu may present Nigeria’s 2025 budget to a joint session of the National Assembly in the first week of December 2024, even as crucial budget templates remain incomplete as of mid-November.
In response to concerns about the budget’s timing, the Senate Finance Committee clarified that determining the presentation date lies solely with the executive branch, led by President Tinubu. Traditionally, during the tenure of the 9th National Assembly and former President Muhammadu Buhari, budget estimates for the upcoming fiscal year were presented in early October. This scheduling followed the submission of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in September, giving the National Assembly’s Finance Committees ample time to review the fiscal strategy and engage in discussions with revenue-generating agencies.
This year, delays in receiving these essential documents have raised questions among lawmakers. When approached by journalists, Senator Mohammed Sani Musa, Chairman of the Senate Committee on Finance, explained that the executive is responsible for the budget timeline. “The executive should be able to answer that question, as I know they are doing their work,” he stated. Senator Musa added that his committee has engaged with the Minister of Finance and the Nigerian National Petroleum Company Limited (NNPCL) CEO to assess the 2024 budget’s performance. He noted that while work on the 2025 budget is underway, its completion and presentation are ultimately controlled by the executive.
For context, the 2024 budget estimates were submitted by President Tinubu on November 29, 2023, resulting in a month-long delay. The National Assembly passed it on December 30, 2023, and it was signed into law by January 1, 2024. Currently, the executive has yet to release the anticipated 2025-2027 Medium Term Expenditure Framework (MTEF), a crucial document that outlines economic parameters for the coming fiscal year, such as oil price benchmarks, daily oil production targets, exchange rates, and inflation projections.
Despite these delays, both Senator Musa and the Minister of Finance, Mr. Wale Edun, have expressed optimism, pointing to signs of improvement in Nigeria’s economy due to ongoing reforms. Following recent discussions with the Finance Ministry, Senator Musa expressed confidence, saying, “I believe in the assurance given by the Finance Minister that our economy is improving due to the reforms. Our debt-to-GDP ratio is decreasing, and positive indicators are already emerging. Nigerians will see tangible benefits within the next 16 to 18 months.”
These reassurances signal a commitment to progress, even as the country awaits the budget framework that will shape the nation’s financial direction for 2025.
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