The Senate has said that the Federal Government will likely work on submitting the Medium Term Expenditure Framework and Fiscal Strategy Paper after President Bola Tinubu’s return from his travel.
MTEF is the legal framework that provides template for the budget. It is usually submitted to the parliament ahead of the president’s presentation of his yearly budget to lawmakers.
President Tinubu traveled to the United Kingdom on October 2 for a two-week vacation and later proceeded to France.
The House of Representatives on Thursday drew the President’s attention to his administration’s violation of the Fiscal Responsibility Act over the delay in the presentation of the MTEF and the 2025 budget.
In a motion by a member of the House, Clement Jimbo, the lawmakers stated that the 2025 Budget Estimates had not been presented to the National Assembly, despite being two months to the end of 2024.
The House further urged Tinubu to comply with Section 11(1)(b) of the Fiscal Responsibility Act by submitting the MTEF and the budget within the next two weeks.
Section 11(1)(b) of the Act states that “the Federal Government, after consultation with the States, shall, not later than six months from the commencement of this Act, cause to be prepared and laid before the National Assembly for their consideration a Medium-Term Expenditure Framework for the next three financial years; and thereafter, not later than four months before the commencement of the next financial year, cause to be prepared a Medium-Term Expenditure Framework for the next three financial years.”
Speaking on the submission of the MTEF and the 2025 budget, Senate spokesperson, Yemi Adaramodu, said though the executive was yet to give a date for the submission of the MTEF document, they were confident that the Ministries and Agencies would commence the process once the President returns.
Senator Adaramodu also stated that the President would be presenting the 2025 budget in early November.
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