The Nigerian Senate has stated that the timely passage of the 2025 budget rests squarely with the Executive, particularly the Presidency, after concerns emerged over the delayed submission of critical fiscal documents.
The Senate emphasized that its role in passing the budget depends on the submission of the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) by the Executive, which outline key economic projections including oil benchmarks, exchange rates, and inflation targets.
Chairman of the Senate Committee on Finance, Senator Sani Musa, clarified this position following a closed-door meeting with Finance Minister Wale Edun, the CEO of the Nigerian National Petroleum Corporation (NNPCL), Mele Kyari, and Central Bank representative Yemi Cardoso.
Senator Musa explained that the Senate cannot proceed with the 2025 budget until these essential documents are provided for review.
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“We have been assured that the Executive is working diligently on the 2025 budget. However, the decision to submit the necessary documents lies with them, not us in the Senate,” Musa told reporters after the meeting.
The MTEF and FSP are critical components in the budget process, serving as the blueprint for the budget by setting fiscal targets and key economic indicators. Without these documents, the National Assembly cannot begin its review or pass the budget.
Musa also highlighted that the success of the January-December budget cycle, which has been in place since President Muhammadu Buhari’s administration, depends largely on the speed and thoroughness with which the Executive submits the required documents.
He noted that while the government has assured the Senate that it is working on the budget, the delay in submission could affect the timing of the passage.
“The timing of the budget’s passage depends on the Executive. Once they submit the necessary frameworks, we can proceed with deliberations and pass the budget,” the Senator added.
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In his discussion with the economic team, Musa expressed confidence in the current reforms being implemented by the Finance Minister and other top officials.
“The Finance Minister has assured us that the economy is showing positive signs. Our debt-to-GDP ratio is reducing, and over the next 16 to 18 months, Nigerians will start to see the practical results of these reforms,” he said.
