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
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...

READ ALSO
Nigeria's Solid Minerals Sector Attracts Over $800 Million in Investments Amid Policy Shift
BY Abiodun Saheed Omodara May 25, 2025 0

The Minister of Solid Minerals Development,Dr Dele Alake announced that Nigeria attracted over $800...

READ ALSO
SNEPCo Urges Indigenous Firms to Enhance Skills for Future Opportunities
BY Abiodun Saheed Omodara May 23, 2025 0

The Shell Nigeria Exploration and Production Company Limited (SNEPCo) has urged Nigerian firms to st...

READ ALSO
JUST IN: Dangote refinery slashes petrol prices by N15 nationwide
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria — The Dangote Petroleum Refinery recently announced a reduction in the pump pri...

READ ALSO
Sanwo-Olu Advocates for Innovation, Accountability in Economic Policies
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria - Lagos State Governor Babajide Sanwo-Olu has stated that Nigeria must hasten its pro...

READ ALSO
CBN's Rigid Monetary Policies Threaten Nigeria's Industrialization Efforts
BY Abiodun Saheed Omodara May 22, 2025 0

With the Central Bank of Nigeria (CBN) keeping the benchmark interest rate at 27.5 percent, local ma...

READ ALSO
FG to Auction 753 Housing Units Recovered from Ex-CBN Governor Emefiele
BY Abiodun Saheed Omodara May 20, 2025 0

ABUJA, Nigeria - The Federal Government has declared its intention to sell 753 housing units that we...

OUR CHANNELS:

China to Advocate for African Rights on Global Stage
BY Abiodun Saheed Omodara May 31, 2025 0

The Chinese Counselor at the Ministry of Foreign Affairs, Shen Sha, has reiterated China's strong de...


China-Africa Institute to Launch First Museum in China Celebrating African History and Culture
BY Abiodun Saheed Omodara May 31, 2025 0

The China-Africa Institute, part of the Chinese Academy of Social Sciences, has unveiled plans to cr...


Botswana's Speaker Lauds China's Commitment to African Development
BY Abiodun Saheed Omodara May 31, 2025 0

The Speaker of the National Assembly of Botswana, Dithapelo Keorapetse, has praised China for its de...


WHO Calls for Immediate Ban on Flavored Tobacco Products to Protect Youth
BY Abiodun Saheed Omodara May 31, 2025 0

The World Health Organization (WHO) unveiled a new publication on Friday, urging governments to swif...


WHO Unveils New Vaccination Strategies to Protect Infants from RSV
BY Abiodun Saheed Omodara May 31, 2025 0

The World Health Organization announced on Friday its recommendations for two new vaccination option...


Federal Ministry Unveils Digital Village to Bridge Digital Divide in Abuja Community
BY Abiodun Saheed Omodara May 30, 2025 0

The Federal Ministry of Communications, Innovation and Digital Economy has launched a Digital Villag...


Niger Flood Claims 21 Lives, Amid Ongoing Rescue Efforts As Local Officials Report 60+ Fatalities
BY Abiodun Saheed Omodara May 30, 2025 0

MINNA, Nigeria - At least 21 individuals, including children and adults, have been confirmed dead, w...


NGO Calls for Tax Elimination on Sanitary Pads to Promote Menstrual Hygiene
BY Abiodun Saheed Omodara May 30, 2025 0

A non-governmental organization (NGO), FAB Treasure Foundation, urged the federal government on Thur...


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...


Tinubu Champions Sports as Catalyst for Economic Growth at National Sports Festival
BY Abiodun Saheed Omodara May 30, 2025 0

OGUN, Nigeria - President Bola Tinubu has urged governments at all levels to utilize sports as a mea...


More Articles

Load more...

Menu