Nigeria’s 2025 budget presentation to the National Assembly may be postponed until December 2024 due to the late submission of critical documents. The Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) are yet to be submitted, raising concerns over the process. The Senate Committee on Finance emphasizes that timing is at the discretion of President Bola Tinubu’s administration, as discussions about the budget are ongoing among key officials.
The presentation of Nigeria’s 2025 budget before the National Assembly is expected to be delayed until early December 2024, as the executive branch has yet to define a specific timeline for the process. As of the second week of November, vital documents, including the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), remain unsubmitted, which diverges from the customary practices established during previous administrations. Traditionally, budget estimates would be presented in early October, following the submission and examination of these essential fiscal outlines. However, due to the absence of the MTEF and FSP for this year, concerns surrounding the delay have surfaced among stakeholders.
The timeline for Nigeria’s budget presentation is crucial for economic planning, as it influences fiscal policy and resource allocation for the upcoming year. Previous administrations adhered to a framework that ensured timely submission of necessary financial documents, which helped facilitate the annual budget process. The current administration, led by President Bola Tinubu, is facing scrutiny regarding its adherence to these established practices. The delays in submitting critical documents could have significant implications for the economy and budgetary operations.
In summary, the anticipated delay of Nigeria’s 2025 budget presentation, initially expected to take place sooner, has raised alarms due to the absence of essential preparatory documents. The National Assembly awaits the completion and submission of the budget by the executive branch, with hopes for timely improvements in the economic landscape, as indicated by optimistic assessments from the Finance Minister. The legislative body remains prepared to undertake its scrutinizing role once the budget is received.
Original Source: www.pulse.ng
