Emerging indications suggest that President Bola Tinubu may present the 2025 budget to a joint session of the National Assembly in the first week of December 2024 despite the necessary templates still needing to be finalised ten days into November.
Through its Finance Committee, the Senate has stated that the timing of the budget presentation is solely the executive branch’s responsibility, led by President Tinubu.
Traditionally, during the tenure of the 9th National Assembly and under former President Muhammadu Buhari, budget estimates for the upcoming fiscal year were usually presented in the first week of October, following the submission of the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) for thorough review.
Under Buhari, these documents were typically received in September, allowing for necessary discussions with relevant revenue-generating agencies by the Finance Committees in both chambers of the National Assembly.
Concerned about the delay in receiving these crucial documents from the presidency, journalists questioned Senator Mohammed Sani Musa (APC Niger East), Chairman of the Senate Committee on Finance, regarding the timing of the 2025 budget presentation.
Senator Musa clarified that the decision lies with the executive, stating, “The executive should be able to answer that question, as I know they are doing their work.” He added that he and committee members have engaged with the Minister of Finance and the Nigerian National Petroleum Company Limited (NNPCL) CEO about the performance of the 2024 budget. “They are working on the 2025 budget and will forward it to us once it is completed. The decision lies with the executive, not us at the National Assembly,” he asserted.
It’s worth noting that President Tinubu submitted the 2024 budget estimates to the National Assembly on November 29, 2023, which resulted in a delay. The Senate and the House of Representatives passed it on December 30, 2023, and it was signed into law on January 1, 2024.
The executive has yet to announce the anticipated 2025-2027 Medium Term Expenditure Framework (MTEF), which would outline critical parameters for the 2025 budget, such as oil price benchmarks, projected daily oil production, exchange rates, and inflation rates.
Nonetheless, both Senator Musa and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, provided reassurances following their recent discussions, indicating progress in the government’s economic reforms. Senator Musa expressed optimism, stating, “I believe in the assurance given by the Finance Minister that our economy is improving due to the reforms. Our debt-to-GDP ratio is decreasing, and positive indicators are already emerging. Nigerians will see tangible benefits within the next 16 to 18 months.”
