Politics
President Tinubu Set To Unveil 2025 Budget In December
President Tinubu Set To Unveil 2025 Budget In DecemberStrong signals have emerged suggesting that President Bola Tinubu may present the 2025 budget to a joint session of the National Assembly in the first week of December this year. However, the Senate Committee on Finance, led by Senator Sani Musa (APC, Niger East), has emphasized that the timing of the budget presentation is a decision solely within the purview of the executive, under President Tinubu’s leadership.....KINDLY READ THE FULL STORY HERE▶
Journalists, concerned about the delayed delivery of the crucial budget document from the Presidency, sought clarification from Senator Musa over the weekend regarding the anticipated timeline for the presentation. In his response, Senator Musa underscored that the responsibility for determining the budget presentation date rests with the executive, not the National Assembly.
“The executive should be able to answer that question. I know they are working hard,” Senator Musa said. “As the chairman of the Senate Committee on Finance, along with my committee members, we have recently interacted with the Minister of Finance, the CEO of the Nigerian National Petroleum Corporation (NNPCL), and other key economic managers regarding the performance of the 2024 budget. They are definitely working on the 2025 budget and will submit it to us once their work is completed. The decision on the presentation lies with the executive, not the National Assembly.”
It is worth noting that, traditionally, during the 9th National Assembly under former President Muhammadu Buhari, the budget estimates for the coming fiscal year were always presented in the first week of October. This was after the necessary documents, such as the Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), were presented for thorough examination. Under Buhari’s administration, the MTEF and FSP were typically submitted in September for review by the National Assembly’s finance committees.
In contrast, President Tinubu presented the 2024 budget estimates to the National Assembly on November 29, 2023. This delay pushed the passage of the budget to December 30, 2023, with the final signing into law by President Tinubu occurring on January 1, 2024.
Both Senator Musa and the Minister of Finance, Wale Edun, assured Nigerians following their recent meeting that progress is being made on the government’s economic reforms. Senator Musa expressed confidence in the improvements, citing the reduction in the nation’s debt-to-GDP ratio as a positive sign. “The positive indicators are already visible,” he said. “Within the next 16 to 18 months, Nigerians will begin to see the tangible benefits of these reforms.
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