The Nigerian Senate has given the executive arm of government a two-week ultimatum to present a comprehensive report on the implementation of the 2024 budget before deliberations can begin on the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Chairman of the Senate Committee on Finance, Senator Sani Musa, issued the directive during an interactive session with President Bola Ahmed Tinubu’s economic team, led by the Honorable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the National Assembly.
Senator Musa emphasized that the legislature cannot proceed with discussions on the 2026 MTEF and FSP without a clear understanding of how the 2024 budget has performed so far. He stressed that the report must include detailed financial data, project implementation updates, and fiscal performance indicators to guide the Senate’s evaluation of future budgetary assumptions.
“We cannot proceed with the MTEF without first understanding how the 2024 budget has performed so far. We give you till October 23 to revert and provide a documented report before we look at the 2026 MTEF,” Senator Musa stated.
The MTEF and FSP serve as the fiscal foundation upon which Nigeria’s annual budgets are prepared. The Senate’s insistence on receiving the performance report aligns with its oversight responsibility to ensure transparency, accountability, and prudent management of public resources.
Mr. Wale Edun, who led the economic team, assured the lawmakers that the Ministry of Finance would provide the requested information within the stipulated timeframe, adding that the administration of President Bola Ahmed Tinubu remains committed to fiscal discipline and economic growth through evidence-based financial planning.