Indications suggest that President Bola Tinubu might deliver the 2025 budget to a joint session of the National Assembly in early December 2024, though the required budget templates are still incomplete, over a week into November.
The Senate’s Finance Committee has emphasized that the timing of the budget presentation rests with the executive, specifically under President Tinubu’s direction.
Traditionally, former President Muhammadu Buhari presented budget estimates for the upcoming fiscal year in early October, following the timely submission of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) each September.
This schedule allowed the Finance Committees in both Senate and House to conduct thorough reviews in consultation with revenue-generating agencies.
Journalists recently questioned Senator Mohammed Sani Musa (APC, Niger East), Chairman of the Senate Committee on Finance, about the delay. The prolonged wait for critical budget documents from the presidency has sparked concerns that the usual preparatory discussions may be rushed.
If the budget is indeed presented in December, it may compress the legislative review process, creating challenges for timely approvals and implementation for the fiscal year.
Senator Musa clarified that the decision lies with the executive, stating, “The executive should be able to answer that question, as I know they are doing their work.” He added that he and committee members have engaged with the Minister of Finance and the Nigerian National Petroleum Company Limited (NNPCL) CEO about the performance of the 2024 budget.
“They are working on the 2025 budget and will forward it to us once it is completed. The decision lies with the executive, not us at the National Assembly,” he asserted.
It’s worth noting that President Tinubu submitted the 2024 budget estimates to the National Assembly on November 29, 2023, which resulted in a delay.
The Senate and the House of Representatives passed it on December 30, 2023, and it was signed into law on January 1, 2024.
The executive has yet to announce the anticipated 2025-2027 Medium Term Expenditure Framework (MTEF), which would outline critical parameters for the 2025 budget, such as oil price benchmarks, projected daily oil production, exchange rates, and inflation rates.
Nonetheless, both Senator Musa and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, provided reassurances following their recent discussions, indicating progress in the government’s economic reforms.
Senator Musa expressed optimism, stating, “I believe in the assurance given by the Finance Minister that our economy is improving due to the reforms. Our debt-to-GDP ratio is decreasing, and positive indicators are already emerging. Nigerians will see tangible benefits within the next 16 to 18 months.