MTEF: Senate Sets Deadline for Executive’s Budget Report

The Nigerian Senate has given the executive a two-week deadline to submit a holistic, documented progress report on the implementation of the 2024 budget, as well as projections for the 2025 budget, before it will entertain the Medium-Term Expenditure Framework, MTEF.

Chairman of the Senate Committee on Finance, Sani Musa, issued the ultimatum at a meeting with President Bola Tinubu’s economic team.

It has been reported that the team was led by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to the meeting which held at the National Assembly.

According to Musa, the legislature requires detailed performance data to properly assess the assumptions and projections in the proposed MTEF and Fiscal Strategy Paper.

“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,” he said.