[By Abigail Philip David]
President Bola Tinubu is set to present the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper to the National Assembly next week, according to Senate sources.
The Senate’s Finance Committee has announced plans to meet with key finance sector stakeholders in anticipation of the submission, as the MTEF is essential for setting the foundation of the national budget, providing economic projections and shaping policy direction.
Senate spokesperson Yemi Adaramodu (APC, Ekiti South) confirmed that the MTEF document would be submitted next week, noting that it must, by law, precede the national budget proposal. Following the MTEF’s review, the President is expected to present the 2025 budget.
“The MTEF document will be forwarded to the National Assembly next week for review, in anticipation of the President’s budget presentation,” Adaramodu stated, adding that the Senate is committed to a thorough review process.
He assured the public of the Senate’s intent to handle the 2025 budget with the same attention as in previous years, saying, “The National Assembly will manage the 2025 budget with utmost scrutiny and urgency to meet Nigerians’ expectations.”
Previously, the Senate indicated that the MTEF and Fiscal Strategy Paper would be submitted following the President’s return from international engagements. The House of Representatives has similarly voiced readiness for timely examination of the MTEF and 2025 Appropriation Bill upon receipt.
On October 16, 2024, House member Clement Jimbo highlighted the urgency for submitting the 2025 budget estimates, with two months remaining in the year. He referenced the Fiscal Responsibility Act 2007, which mandates that the MTEF be presented no later than four months before the next financial year to ensure prudent resource management.
In a statement, Deputy House spokesperson Philip Agbese expressed that while the House urged prompt submission, the priority remains conducting a comprehensive review. “Our focus, under Speaker Tajudeen Abbas, is on meticulous work over speed for the 2025 budget proposal,” he noted, expressing confidence that both the MTEF and budget will be reviewed thoroughly.
