The Nigerian Senate has given the executive arm a two-week deadline to submit a comprehensive report on the implementation of the 2024 budget, including projections for the 2025 fiscal year, before it begins consideration of the Medium-Term Expenditure Framework (MTEF).
Chairman of the Senate Committee on Finance, Senator Sani Musa, issued the directive during a meeting with President Bola Tinubu’s economic team, led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the National Assembly.
Senator Musa emphasized that the legislature must first review detailed data on the 2024 budget performance to evaluate the assumptions and forecasts contained in the proposed MTEF and Fiscal Strategy Paper.
“We cannot proceed with the MTEF without first understanding how the 2024 budget has performed so far. We are giving you till October 23 to submit a documented report before we consider the 2026 MTEF,” he stated.