President Bola Tinubu is expected to submit the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly next week, NEWS REVIEW gathered.
In preparation for this submission, the Senate’s Finance Committee plans to meet with key stakeholders in the finance sector. The MTEF is a legally mandated framework that serves as the foundation for the national budget, providing guidance for economic projections and policy direction. It must be presented to the National Assembly prior to the budget proposal.
Senate spokesperson Yemi Adaramodu (APC, Ekiti South) confirmed that the MTEF document would be forwarded next week. He noted that once the MTEF is finalized, the President will proceed with the budget presentation.
Adaramodu stated, “The MTEF document will be sent to the National Assembly next week for review, in anticipation of the President’s budget presentation. We are committed to thoroughly addressing the budget, as we have always done.” He assured Nigerians of the Senate’s dedication to promptly reviewing the 2025 budget once it is presented.
He added, “The budget has not yet been submitted, but we expect communication from the Presidency soon. Just as we did with the 2024 appropriation, the National Assembly will handle the 2025 budget with the utmost scrutiny and urgency, ensuring it meets the expectations of Nigerians.”
Previously, the Senate indicated that the Federal Government would submit the MTEF and FSP shortly after the President returned from international engagements. The House of Representatives also expressed confidence that there would be sufficient time to properly review both the MTEF and the 2025 Appropriation Bill once transmitted by the President.
On October 16, 2024, House member Clement Jimbo raised concerns about the absence of the 2025 budget estimates before the National Assembly, only two months before the end of the year. The House emphasized the need for adequate time to consider and pass the MTEF, FSP, and 2025 budget estimates, citing the Fiscal Responsibility Act of 2007, which mandates the prudent management of national resources.
According to Section 11(1)(b) of the Act, the Federal Government is required to prepare and present the MTEF for the next three financial years to the National Assembly no later than four months before the commencement of the next financial year.
The legislative body urged the Federal Government to promptly transmit the budget estimates and MTEF to allow for thorough scrutiny in line with the January-December budget cycle.
In a telephone interview as reported by The PUNCH, House Deputy spokesperson Philip Agbese emphasized the importance of a thorough review over speed, stating, “The parliament’s stance, as well as that of Mr. Speaker Tajudeen Abbas, is that it is not about how quickly we act but the meticulous work done on the 2025 budget proposal.
We commend the performances of the Ministers of Finance and Budget and National Planning, and we are confident the MTEF will be delivered promptly, allowing the President to subsequently transmit the budget to the National Assembly.”
 and Fiscal Strategy Paper (FSP) to the National Assembly next week, NEWS REVIEW gathered.){kind=link}