The Senate has announced that the Federal Government is expected to submit the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) following President Bola Tinubu’s return from his current overseas trip.
The MTEF serves as a crucial legal framework that outlines the budgetary template for the nation and is typically submitted to the parliament ahead of the annual budget presentation by the President.
President Tinubu has been on a two-week vacation since October 2, initially travelling to the United Kingdom before continuing to France.
During his absence, the House of Representatives expressed concerns regarding the government’s delay in submitting the MTEF and the proposed 2025 budget, citing a violation of the Fiscal Responsibility Act.
In a motion presented by Representative Clement Jimbo, lawmakers highlighted the absence of the 2025 Budget Estimates, stressing that the National Assembly is only two months away from the conclusion of the 2024 fiscal year.
They urged the President to adhere to Section 11(1)(b) of the Fiscal Responsibility Act, which mandates the timely preparation and submission of the MTEF and budget estimates.
Senate spokesperson, Yemi Adaramodu, confirmed that although the executive has not yet provided a specific date for the submission of the MTEF document, there is optimism that ministries and agencies will begin the process promptly upon the President’s return.
Adaramodu also indicated that Tinubu is expected to present the 2025 budget in early November, which would provide a clearer picture of the government’s financial plans moving forward.
