President Bola Tinubu will submit the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper to the National Assembly next week, marking a crucial step in the budgeting process for 2025.
This legally mandated framework lays the groundwork for the national budget, guiding economic projections and policy direction, and must be presented before the budget proposal itself.
The Senate’s Finance Committee is preparing for the document’s submission by meeting with key stakeholders in the finance sector. Senate spokesperson Yemi Adaramodu confirmed that the MTEF will be forwarded to the National Assembly next week, paving the way for the President’s budget presentation.
Adaramodu reassured Nigerians of the Senate’s commitment to a thorough review of the 2025 budget once it is presented, emphasizing the importance of scrutiny and diligence in the budgeting process. He stated, “We are committed to doing our best with the budget, as we have always done.”
The urgency surrounding this submission was underscored earlier when a member of the House of Representatives highlighted that the 2025 budget estimates had yet to be presented, raising concerns about the limited time available for proper consideration and approval before the end of the year. The House urged the Nigerian Government to transmit both the MTEF and the budget estimates promptly to facilitate compliance with the January-December budget cycle.
In a recent interview, Deputy spokesperson of the House, Philip Agbese, reiterated the House’s desire for timely submission, while also emphasizing the importance of thorough review over speed. He stated, “It is not how quick and fast but the meticulous work done on the 2025 budget proposal.”
With the President’s expected communication and subsequent submission of the MTEF and budget, the National Assembly is poised to engage in a rigorous review process to ensure that the financial plans meet the expectations of Nigerians and align with fiscal responsibility principles.
