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The Nigerian Senate has set a two-week deadline for the executive branch to deliver a comprehensive, documented progress report on the execution of the 2024 budget, along with projections for the 2025 budget, prior to considering the Medium-Term Expenditure Framework (MTEF).
The Chairman of the Senate Committee on Finance, Sani Musa, announced this ultimatum during a meeting with President Bola Tinubu’s economic team.
According to DAILY POST, the team was led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the meeting held at the National Assembly.
Musa emphasized that the legislature needs detailed performance data to accurately evaluate the assumptions and projections outlined in the proposed MTEF and Fiscal Strategy Paper.
“We cannot proceed with the MTEF without first understanding how the 2024 budget has performed to date. We are giving you until October 23 to respond and provide a documented report before we consider the 2026 MTEF,” he stated.
Frequently Asked Questions
What is the deadline for the executive to submit the budget report?
The deadline for the executive branch to submit the budget report is October 23.
Who led the economic team in the meeting with the Senate?
The economic team was led by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Why does the Senate require performance data?
The Senate requires performance data to accurately assess the assumptions and projections in the proposed MTEF and Fiscal Strategy Paper.
