Time’s Ticking!” – Senate Gives FG Two Weeks To Present 2024 Budget Performance Report

The Senate has issued a two-week ultimatum to the executive arm of government to submit a comprehensive report on the implementation of the 2024 budget, along with projections for the 2025 fiscal year, before it begins deliberations on the 2026–2028 Medium-Term Expenditure Framework (MTEF).

The directive was announced during a meeting between the Senate Committee on Finance and President Bola Tinubu’s economic team, led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, held at the National Assembly, Abuja.

Chairman of the committee, Senator Sani Musa, who issued the ultimatum, insisted that the legislature would not proceed with discussions on the new MTEF and Fiscal Strategy Paper (FSP) until it receives a detailed performance report on the current year’s budget.

“We cannot proceed with the MTEF without first understanding how the 2024 budget has performed so far,” Senator Musa stated.

“We are giving you until October 23 to submit a documented report before we begin consideration of the 2026 MTEF.”

Senate Demands Fiscal Transparency

Senator Musa emphasized that lawmakers need accurate, verifiable data on the performance of the 2024 budget to properly assess the assumptions and projections underpinning the new fiscal framework.

He explained that the committee’s review would cover revenue generation, expenditure patterns, and project execution, noting that credible fiscal planning depends on accountability and transparency in budget implementation.

“The Senate will not approve projections based on assumptions,” he added. “We need facts, figures, and verified reports to ensure fiscal responsibility.”

The meeting was attended by key members of the President’s economic management team, including Finance Minister Wale Edun, who made a presentation on Nigeria’s macroeconomic outlook and fiscal direction ahead of the 2025 budget cycle.

The Senate’s firm stance reflects growing concern among lawmakers over the slow pace of 2024 budget implementation, especially in areas such as capital project releases, revenue performance, and debt servicing obligations.

The Medium-Term Expenditure Framework (MTEF) provides the foundation for Nigeria’s annual budgets, setting out fiscal policy priorities and expenditure ceilings for a rolling three-year period.

With the October 23 deadline fast approaching, the Federal Government is expected to deliver a comprehensive and verifiable 2024 budget performance report, which will serve as a prerequisite for the Senate’s consideration of the next fiscal plan.