President Bola Tinubu will present the proposed N26.1 trillion 2024 budget estimates to a joint session of the National Assembly November, but the 2024 – 2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper which the budget is tied to is not ready, it was gathered.
Angered by this development, the Senate has summoned the minister of finance, economic and national planning to come and explain why the MTEF and Fiscal Strategy Paper is not ready.
Ahead of the presentation, the Senate through its committee on Appropriations, has summoned the ministers of finance, Wale Edun and Budget and Economic Planning , Senator Atiku Bagudu, to appear before it on Wednesday next week for explanations.
This is as the chairman of the committee, Senator Solomon Olamilekan Adeola (APC Ogun West) , disclosed to journalists that President Tinubu would forward 2024 – 2026 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper to both chambers of the National Assembly next week for scrutiny and approval.
Senator Adeola who stated this while fielding questions from journalists after the inaugural meeting of the committee , said the executive in the proposed budget should come up with 55% allocations for capital expenditure as against 25 to 30% it has been, over the years.
He also said that the appropriation committee under his chairmanship, would not entertain any approval for corrigendum after budget consideration and passage.
He however assured that despite the delay in budget presentation for 2024 fiscal year , the already established January to December implementation period , would be sustained.
“Information at our disposal indicates that President Bola Tinubu would present 2024 budget proposals to a joint session of the National Assembly early next month.
“Ahead of that presentation, Mr President will forward to both chambers of the National Assembly, MTEF and FSP papers next week for thorough scrutiny and possible passage.
“In light of the presentations, the Senate Committee on Appropriations will have before it on Wednesday next week , Ministers of Finance , Budget and Economic Planning for explanations on planned projections as regards what percentage is going for what and what components of the budget.
“The new administration has a new mantra that encapsulates its vision and there must be challenges. “We will do a thorough job on the budget. Our job is to verify the budget to meet the expectations of the people. We will look into it thoroughly.
“We are expecting the MTEF next week and immediately we receive the document, the Committee on Finance will go into work and look into it.
“I assure you that we won’t break the tradition, we will have the budget as at when due. We will keep to the tradition of the January to December budget cycle,” he said.
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