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Nigeria’s 2025 budget presentation to the National Assembly could be postponed until December 2024, with no clear timeline set by the executive.
As of early November, essential documents such as the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) have yet to be submitted, a significant delay compared to previous years when these documents were typically ready by October.
The budget estimates were presented in previous administrations by the first week of October, following the National Assembly’s review of the MTEF and FSP.
However, this year’s delay in submitting these key fiscal documents has raised concerns, with the process already running behind schedule.
Senator Sani Musa, Chairman of the Senate Committee on Finance, clarified that President Bola Tinubu’s administration determines the timing of the 2025 budget presentation.
“The decision lies with the executive, not the National Assembly,” Musa said.
He explained that the National Assembly had recently engaged with figures like the Minister of Finance and the Nigerian National Petroleum Company (NNPCL) CEO to discuss the performance of the 2024 budget.
“They are working on the 2025 budget, and once completed, it will be forwarded to us,” he added.
While the delay in submitting the MTEF, which outlines critical fiscal parameters such as oil price benchmarks, exchange rates, and inflation projections, has raised concerns, Finance Minister Wale Edun remains optimistic.
“The economy is taking good shape, and we see positive indicators,” he remarked following a recent interactive session.
Senator Musa also noted a reduction in Nigeria’s debt-to-GDP ratio as a sign of ongoing economic reforms. He assured the public that significant improvements would materialise within 16 to 18 months.
The delay in presenting the 2024 budget resulted in its late passage, and President Tinubu signed it into law on January 1, 2024. As the executive branch finalises the 2025 budget, the National Assembly will be ready to scrutinise the document once it is submitted.