President Bola Tinubu is expected to submit the Medium-Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly next week.
The MTEF, a statutory document, provides the economic framework and direction for the national budget, setting out financial projections and policy guidelines.
According to The PUNCH, in preparation for the submission, the Senate’s Finance Committee has scheduled meetings with key finance sector stakeholders to ensure a smooth review process.
Senate spokesperson Yemi Adaramodu (APC, Ekiti South) confirmed the upcoming submission and emphasized the Senate’s commitment to scrutinizing the framework.
“The MTEF document will be forwarded to the National Assembly next week for review, in anticipation of the President’s budget presentation,” Adaramodu said.
He reassured Nigerians that the Senate would conduct a comprehensive review, adding, “We are committed to doing our best with the budget, as we have always done.”
The framework must be submitted to the National Assembly before the annual budget, per legal requirements.
The Senate has previously indicated that the Federal Government would transmit the MTEF and FSP documents once the President returned from international commitments.
In the House of Representatives, concerns over time constraints were raised, with lawmaker Clement Jimbo highlighting that, as of October 16, the 2025 budget proposal had not yet been submitted.
Jimbo underscored the importance of timely submission to allow adequate consideration before the end of the year.
The Fiscal Responsibility Act of 2007 mandates that the MTEF must be presented no later than four months before the new fiscal year, ensuring the National Assembly has sufficient time to assess and pass both the framework and the budget.
The House has urged the Federal Government to adhere to this timeline to meet the January-December budget cycle.
Deputy House spokesperson Philip Agbese explained that the House was focused on delivering a thorough review of the budget.
“The reasoning of the parliament and that of Mr Speaker, Tajudeen Abbas, is that it is not how quick and fast, but the meticulous work done on the 2025 budget proposal,” he told The PUNCH.
Agbese also praised the Finance and Budget Ministers, noting the House’s confidence in their preparations.
“We are confident as a parliament that the MTEF will be in within a record time and Mr President will subsequently transmit the budget to the National Assembly,” he added.
Both the Senate and House have indicated they are ready to ensure a timely review of the budget, with the Senate promising “utmost scrutiny and urgency” to meet the expectations of Nigerians.
