Senate 2025 Budget
The Senate has announced that the Federal Government is expected to submit the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) once President Bola Tinubu returns from his overseas trip.
The MTEF is a key legal document that sets the budgetary guidelines for the nation and is traditionally submitted to the parliament before the President’s annual budget presentation.
President Tinubu, who has been on a two-week vacation since October 2, initially visited the United Kingdom and then traveled to France.
EDITOR’S PICKS
During his absence, the House of Representatives raised concerns over the government’s delay in submitting the MTEF and the proposed 2025 budget, warning it violates the Fiscal Responsibility Act.
Representative Clement Jimbo brought forward a motion in which lawmakers emphasized the lack of 2025 Budget Estimates, noting that the National Assembly has just two months remaining in the 2024 fiscal year.
They urged the President to comply with Section 11(1)(b) of the Fiscal Responsibility Act, which requires timely submission of the MTEF and budget estimates.
Senate spokesperson Yemi Adaramodu confirmed that while no exact date for submission has been set by the executive, there is hope that ministries and agencies will begin the process once the President returns.
Adaramodu also mentioned that Tinubu is expected to present the 2025 budget in early November, offering a clearer view of the government’s financial plans.
Click here to watch our video of the week
Concerns have intensified among the faculty members of Taraba State University (TSU) in Jalingo after…
The longstanding tension between Nollywood stars Azubuike Michael Egwu, popularly known as Zubby Michael, and…
The Lagos State Traffic Management Authority, LASTMA, and other emergency services have rescued a Toyota…