The MTEF serves as a critical legal framework that sets the nation’s fiscal blueprint and is normally submitted to parliament prior to the President’s yearly budget address.
President Tinubu has been on a two-week vacation since October 2, starting in the United Kingdom and going to France.
During his departure, the House of Representatives voiced worry over the government’s delay in submitting the MTEF and the projected 2025 budget, alleging a violation of the Fiscal Responsibility Act.
Representative Clement Jimbo’s motion emphasized the lack of the 2025 Budget Estimates, pointing out that the National Assembly is only two months away from the end of the 2024 fiscal year.
They encouraged the President to follow Section 11(1)(b) of the Fiscal Responsibility Act, which requires prompt development and submission of the MTEF and budget estimates.
Senate spokesperson Yemi Adaramodu acknowledged that, while the executive has not yet specified a particular date for the submission of the MTEF document, there is hope that ministries and agencies will commence the process as soon as the President returns.
Adaramodu also stated that Tinubu is anticipated to unveil the 2025 budget in early November, providing a clearer picture of the government’s financial objectives going ahead.
