The Senate has given the executive arm a two-week deadline to submit a comprehensive and 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).
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 stressed that the legislature needs clear performance data on the current budget in order to thoroughly evaluate the assumptions and projections 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,” he said. “We are giving you until October 23 to submit a documented report before we begin consideration of the 2026 MTEF.”
