Would you like to receive notifications on latest updates of the following headlines?

2025 budget: Tinubu to submit MTEF to N’Assembly next week – Senate spokesman

POSTED ON October 30, 2024 •   Business      BY Abiodun Saheed Omodara
President Bola Ahmed Tinubu

President Bola Tinubu will submit the Medium Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly next week, Senate spokesperson, Yemi Adaramodu, has said.


The Senate, through its Finance Committee, is set to meet with key stakeholders in the finance sector, in preparation for the document’s submission.
The MTEF, a legally required framework, establishes the groundwork for the national budget, guiding economic projections and policy direction.


By law, it must be presented to the National Assembly before the budget proposal.Speaking on the anticipated submission, Senate spokesperson, Yemi Adaramodu (APC, Ekiti South), confirmed that the MTEF document would be sent next week.


He added that once work on the MTEF was completed, the President would follow up with the budget presentation.
Adaramodu said, “The MTEF document will be forwarded to the National Assembly next week for review, in anticipation of the President’s budget presentation.


“We are committed to doing our best with the budget, as we have always done.”


He assured Nigerians of the Senate’s commitment to a thorough review of the 2025 budget promptly upon its presentation.


He stated, “The budget has not been submitted yet, 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 utmost scrutiny and urgency, delivering appropriately to meet the expectations of Nigerians.”


Previously, the Senate indicated that the Federal Government would submit the MTEF and Fiscal Strategy Paper shortly after the President returned from his international engagements.


The House of Representatives also said it would have enough time to properly review the MTEF and the 2025 Appropriation Bill when both bills are transmitted by the President.


On October 16, 2024, a member of the House, Clement Jimbo, drew his colleagues’ attention to the fact that the 2025 budget estimates had not been presented before the National Assembly, two months before the end of 2024.


The House questioned the available time before the end of the year to thoroughly consider and pass the MTEF, FSP and 2025 budget estimates, arguing that the Fiscal Responsibility Act 2007 provided for the prudent management of the nation’s resources.


It also argued that Section 11(1)(b) stipulated that the Federal Government must, not later than four months before the commencement of the next financial year, cause to be prepared and laid before the National Assembly, an MTEF for the next three financial years.

The legislative body subsequently urged the Federal Government to immediately transmit the budget estimates and MTEF to enable it to scrutinise both documents in compliance with the January-December budget cycle.


The deputy spokesperson of the House, Philip Agbese, said though the House wanted the Presidency to transmit the documents as soon as possible, what was important was the adequate review Nigerians expected from the parliament.


He said, “The reasoning of the parliament and that of Mr Speaker, Tajudeen Abbas, is that it is not how quick and fast but the meticulous work done on the 2025 budget proposal.


“We are proud of the performances of the Ministers of Finance and the Budget and National Planning. We are confident as a parliament that the MTEF will be in within a record time and Mr President will subsequently transmit the budget to the National Assembly”.

READ ALSO
FG to Reclaim Dormant Oil Wells as NUPRC Implements 'Drill or Drop' Policy
BY Abiodun Saheed Omodara June 13, 2025 0

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has informed oil producers of its inte...

READ ALSO
Nigeria's $5bn Crude-for-Loan Deal with Aramco Faces Major Setbacks amid Falling Oil Prices
BY Abiodun Saheed Omodara June 11, 2025 0

A $5 billion crude-for-loan agreement between the Federal Government and Saudi Arabian oil giant Ara...

READ ALSO
Tinubu Reopens Renovated Conference Centre, Mandates Payment for Usage
BY Abiodun Saheed Omodara June 11, 2025 0

ABUJA,Nigeria - The Minister of the Federal Capital Territory, Nyesom Wike, has declared that the Ab...

READ ALSO
Tinubu Celebrates Dangote Refinery as a Catalyst for Nigeria's Economic Revival
BY Abiodun Saheed Omodara June 10, 2025 0

LAGOS, Nigeria - President Bola Ahmed Tinubu has hailed the Dangote Petroleum Refinery and Petrochem...

READ ALSO
FG to Lose $4 Million from World Bank Loan Over Audit Failures
BY Abiodun Saheed Omodara June 10, 2025 0

The Federal Government is anticipated to forfeit $4 million from a World Bank loan due to its failur...

READ ALSO
Tinubu Commits to Collaborative Efforts with AfDB's New Leadership, Congratulate Sidi Tah
BY Abiodun Saheed Omodara May 30, 2025 0

President Bola Tinubu has praised the election of Sidi Tah as the ninth president of the African Dev...

READ ALSO
South Africa Surpasses Nigeria in Fuel Imports Amid Dangote Refinery Operations
BY Abiodun Saheed Omodara May 29, 2025 0

Nigeria has lost its long-standing title as Africa’s largest importer of refined petroleum pro...

READ ALSO
Economists Warn of Debt Sustainability Risks as Nigeria Eyes $24.14 Billion in Foreign Loans
BY Abiodun Saheed Omodara May 28, 2025 0

Nigeria's public debt is poised for another substantial increase as President Bola Tinubu has sought...

OUR CHANNELS:

Tanzania,  Nigeria Lead Africa in Rising Fraud Rates- Report
BY Abiodun Saheed Omodara June 21, 2025 0

Tanzania and Nigeria have emerged as the leading countries in Africa for higher fraud rates, accordi...


Osun Raises Alarm Over Alleged Fund Diversion by CBN and AGF
BY Abiodun Saheed Omodara June 21, 2025 0

OSUN, Nigeria - The Osun State Government has expressed concern about a purported attempt by the Cen...


Nigeria Police Link Schoolgirl Cannabis Clip to Zimbabwe
BY Abiodun Saheed Omodara June 21, 2025 0

The Nigeria Police Force has addressed a widely circulated video on WhatsApp and social media, which...


Tinubu to Launch Multiple Development Projects Today in Kaduna
BY Abiodun Saheed Omodara June 21, 2025 0

KADUNA, Nigeria - President Bola Tinubu is anticipated to arrive in Kaduna State today for the inaug...


Tinubu Assembles High-Level Committee After Benue Tragedy
BY Abiodun Saheed Omodara June 21, 2025 0

President Bola Tinubu announced the formation of a committee on Wednesday aimed at restoring sustain...


Finidi George Leads Rivers United into 2025/26 Season Training Camp
BY Abiodun Saheed Omodara June 21, 2025 0

Rivers United's coach, Finidi George, has motivated his players as the Port Harcourt-based team kick...


Moses Simon Completes Move to Paris FC for €7 Million
BY Abiodun Saheed Omodara June 19, 2025 0

As reported by French news source Foot Mercato, Paris FC, a newly-promoted team in French Ligue 1, h...


Osimhen's Impressive Loan Spell Fuels Transfer Speculation
BY Abiodun Saheed Omodara June 19, 2025 0

Nigerian international Victor Osimhen remains at the center of significant transfer rumors, with Ita...


NDLEA Calls for Collective Action Against Drug Abuse in Nigeria
BY Abiodun Saheed Omodara June 20, 2025 0

The National Drug Law Enforcement Agency (NDLEA) has urged Nigerians and state governments to take r...


Tor Tiv Urges President Tinubu to Foster Lasting Peace in Benue State
BY Abiodun Saheed Omodara June 19, 2025 0

The Tor Tiv, Prof. James Ayatse, expressed that President Bola Tinubu has the ability to bring lasti...


More Articles

Load more...

Menu