The Nigerian Senate, through its Committee on Finance, has directed key economic managers to submit a detailed performance report on the 2024 budget implementation, along with projections for the 2025 capital expenditure, within two weeks.
This directive was issued by Senator Mohammed Sani Musa, Chairman of the Senate Committee on Finance, following a closed-door session lasting over 90 minutes with:
- Wale Edun, Minister of Finance and Coordinating Minister of the Economy
- Samsudeen Ogunjimi, Accountant General of the Federation
- Tanimu Yakubu, Director-General of the Budget Office
The meeting took place at the National Assembly complex in Abuja on Thursday.
“We want documented evidence of the performance of the 2024 budget and clear expectations for the 2025 budget before considering the Medium Term Expenditure Framework (MTEF) for 2026–2029,” Senator Musa stated.
He confirmed that all parties agreed to reconvene on October 23, 2025, by which time the requested documentation must be submitted.
2026–2029 MTEF on Hold Until Report Submission
The Senate Committee emphasized that discussion on the MTEF and Fiscal Strategy Paper (FSP) for the 2026–2029 fiscal years is contingent upon receiving the progress reports.
Senator Musa added that the committee acknowledges the economic challenges but remains committed to ensuring transparency, accountability, and fiscal responsibility.
“We have seen some progress, and we expect more—especially following the President’s recent request to the National Assembly for additional loan approvals to support the 2025 budget,” he said.
Finance Minister, Budget DG Acknowledge Budgetary Challenges
Speaking earlier, Minister Wale Edun acknowledged that while significant progress has been made in implementing the capital component of the 2024 budget, challenges remain.
According to Budget Office DG, Tanimu Yakubu, budget execution in 2024 and 2025 has faced turbulence due to unmet assumptions, such as fluctuating oil prices, inflation, and exchange rate volatility.
“Some underlying assumptions of the budgets were not fully realized, which impacted fiscal performance,” Yakubu said.
Despite the challenges, the economic managers assured the Senate of continued efforts to stabilize the economy and improve fiscal outcomes.
