President Bola Tinubu’s 2025 budget proposal is set for a December presentation to the National Assembly, allowing time for key legislative reviews.
Indications point to President Bola Tinubu potentially presenting the 2025 budget to a joint session of the National Assembly in early December 2024, despite the fact that the necessary budget templates remain unfinished as of mid-November.
The Senate Finance Committee has reiterated that the timing of the budget presentation is determined by the executive branch, specifically under President Tinubu’s leadership.
Historically, former President Muhammadu Buhari would unveil budget estimates for the forthcoming fiscal year in early October, following the timely submission of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in September.
This established timeline allowed the Finance Committees in both the Senate and House to conduct comprehensive reviews in collaboration with revenue-generating agencies.
Recently, Senator Mohammed Sani Musa, Chairman of the Senate Committee on Finance, faced inquiries from journalists regarding the delay, noting that the extended wait for essential budget documents from the presidency raises concerns about the potential for rushed preparatory discussions.
Should the budget be presented in December, it could shorten the legislative review period, complicating timely approvals and implementation for the upcoming fiscal year.
Senator Musa emphasized that the responsibility for the timeline rests with the executive, stating that the executive should address such questions, while he and committee members have been in discussions with the Minister of Finance and the CEO of the Nigerian National Petroleum Company Limited regarding the 2024 budget’s performance.
He confirmed that they are working on the 2025 budget and will submit it once finalized, reiterating that the decision-making authority lies with the executive, not the National Assembly.
It is also notable that President Tinubu submitted the 2024 budget estimates to the National Assembly on November 29, 2023, which contributed to the delay.
Peoplesmind
