With 10 days into November, crucial templates like the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) remain unsubmitted, a delay that contrasts with the usual practice under the previous administration.
In the past, budget estimates were presented in the first week of October, following the submission and thorough scrutiny of the MTEF and FSP, documents outlining key fiscal parameters for the coming year.
However, this year, with no such documents yet to be debated, concerns have emerged over the delay.
Senator Sani Musa, Chairman of the Senate Committee on Finance, clarified that the timing of the budget’s presentation rests solely with President Bola Tinubu’s administration.
“The decision lies with the executive, not the National Assembly,” he stated.
Musa explained that the National Assembly, including the Senate Finance Committee, had recently engaged with key figures, such as the Minister of Finance and the CEO of the Nigerian National Petroleum Company (NNPCL), on the performance of the 2024 budget. “They are working on the 2025 budget, and once completed, it will be forwarded to us.”
Despite the delay in submitting the MTEF, which includes critical indicators such as oil price benchmarks, exchange rates, and inflation projections, the Finance Minister, Mr. Wale Edun, remained optimistic.
“The economy is taking good shape, and we see positive indicators,” he remarked following a recent interactive session. Musa echoed this sentiment, citing a reduction in the debt-to-GDP ratio as one of the positive signs of ongoing economic reforms.
He assured Nigerians that within 16 to 18 months, they would begin to witness tangible improvements.
Last year, the delay in presenting the 2024 budget led to the late passage of the budget, with President Tinubu signing it into law on January 1, 2024.
As the executive works on finalising the 2025 budget estimates, the National Assembly remains poised to scrutinise the document once it is submitted.
