The Senate has given the executive arm of government a two-week ultimatum to submit a comprehensive, documented report on the implementation of the 2024 budget, along with projections for the 2025 fiscal year, before it will consider the Medium-Term Expenditure Framework (MTEF).
The directive came during a meeting between the Senate Committee on Finance and President Bola Tinubu’s economic team, led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, held at the National Assembly, Abuja.
Chairman of the Senate Committee on Finance, Senator Sani Musa, who issued the ultimatum, said the legislature would not proceed with discussions on the 2026–2028 MTEF and Fiscal Strategy Paper (FSP) until it receives a clear performance report of the current year’s budget.
“We cannot proceed with the MTEF without first understanding how the 2024 budget has performed so far,” Senator Musa stated.
“We give you till October 23 to revert and provide a documented report before we look at the 2026 MTEF.”
Senate Demands Transparency in Fiscal Planning
Musa emphasised that lawmakers require accurate performance data to assess the economic assumptions and fiscal projections contained in the MTEF.
He explained that the committee’s review would focus on revenue performance, expenditure patterns, and project execution under the 2024 budget, stressing that such an evaluation was essential for credible fiscal planning.
“The Senate will not approve projections based on assumptions. We need facts, figures, and verified performance reports to ensure accountability in public finance,” the senator added.
Present at the meeting were key members of the President’s economic team, including Finance Minister Wale Edun, who led discussions on Nigeria’s macroeconomic outlook and fiscal policy direction ahead of the 2025 budget cycle.
The Senate’s position underscores growing concerns among lawmakers about the implementation rate of the 2024 budget, particularly regarding capital releases, revenue shortfalls, and debt service obligations.
The Medium-Term Expenditure Framework (MTEF) serves as the foundation for annual budgets, outlining the government’s fiscal policy priorities and expenditure ceilings for a three-year period.
With the deadline now set for October 23, the Federal Government is expected to present a comprehensive and verifiable report detailing how far the 2024 budget has been implemented, a prerequisite for the Senate’s consideration of the next fiscal plan.