By Okeke Eunice
President Bola Tinubu is expected to present the Medium Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly next week, according to Honourable Fm.
The Senate, via its Finance Committee, is preparing to meet with important stakeholders in the finance sector ahead of the document’s submission.
The MTEF, which is mandated by law, lays the foundation for the national budget, providing guidance for economic forecasts and policy direction.
Legally, it must be submitted to the National Assembly prior to the budget proposal.
Discussing the upcoming submission, Senate spokesperson Yemi Adaramodu (APC, Ekiti South) confirmed that the MTEF document will be submitted next week.
He noted that once the MTEF is finalized, the President will proceed with the budget presentation.
Adaramodu stated, “The MTEF document will be sent to the National Assembly next week for review, in preparation for the President’s budget presentation.”
“We are dedicated to making the most of the budget, as we have consistently done.”
He assured Nigerians that the Senate is committed to conducting a thorough review of the 2025 budget as soon as it is presented.
He mentioned, “The budget has not been submitted yet, but we anticipate communication from the Presidency shortly.”
“Like we did with the 2024 budget, the National Assembly will examine the 2025 budget with the highest level of scrutiny and urgency, ensuring it meets the expectations of Nigerians.”
Previously, the Senate indicated that the Federal Government would submit the MTEF and Fiscal Strategy Paper shortly after the President returned from his international engagements.
The House of Representatives also stated that it would have ample time to thoroughly review the MTEF and the 2025 Appropriation Bill once both documents are transmitted by the President.
On October 16, 2024, House member Clement Jimbo reminded his colleagues that the 2025 budget estimates had not yet been presented to the National Assembly, despite being two months away from the end of 2024.
The House raised concerns about the limited time remaining in the year to adequately review and approve the MTEF, FSP, and 2025 budget estimates, emphasizing that the Fiscal Responsibility Act of 2007 mandates the responsible management of the nation’s resources.
It pointed out that Section 11(1)(b) requires the Federal Government to prepare and present an MTEF for the upcoming three financial years to the National Assembly no later than four months before the start of the next financial year.
The legislative body then urged the Federal Government to promptly submit the budget estimates and MTEF to allow for thorough scrutiny of both documents in line with the January-December budget cycle.
In a phone interview with a national television, Deputy spokesperson of the House, Philip Agbese, stated that while the House desires the Presidency to send the documents as soon as possible, the priority is the comprehensive review that Nigerians expect from Parliament.
He remarked, “The stance of Parliament and Speaker Tajudeen Abbas is that it’s not about speed, but about the careful examination of the 2025 budget proposal.
“We commend the performances of the Ministers of Finance and Budget and National Planning. We are confident that the MTEF will be submitted in record time, and the President will follow up with the budget for the National Assembly.”