The Senate has called on the Executive to hasten the submission of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2025 Budget.
Chairman of the Senate Committee on Finance, Senator Sani Musa, clarified that the prompt passage of the budget framework depends largely on the diligence of the Executive.
Speaking after a closed-door meeting with Finance Minister Wale Edun, NNPCL CEO Mele Kyari, and a Central Bank representative, Musa emphasized that the MTEF/FSP submission is essential for the legislative review of budget benchmarks such as oil price, daily production projections, exchange rates, and inflation estimates.
Last year, President Tinubu’s 2024 budget was only narrowly approved within the January-December cycle due to delays, a practice established under former President Buhari. Musa noted that maintaining this timeline is a shared responsibility, but ultimately the Executive must finalize its submissions to ensure timely legislative action.
He reassured journalists of the Finance Minister’s confidence in recent economic reforms, noting improved debt-to-GDP ratios and positive financial indicators. “Within the next 16 to 18 months, Nigerians should start to see these gains in practical terms,” Musa stated, expressing optimism in the country’s economic outlook.
