The Nigerian Senate has directed the Ministry of Finance to submit a detailed performance report on the implementation of the 2024 budget and expectations for the 2025 capital component within two weeks.
This directive was issued by Mohammed Sani Musa, chairman of the Senate Committee on Finance, after a closed-door session with key officials, including Minister of Finance Wale Edun and Accountant-General of the Federation Shamsedeen Ogunjimi.
The Senate’s decision aims to ensure transparency and accountability in the nation’s financial management.
The committee has agreed to reconvene on October 23 to review the submitted reports before proceeding with the presentation of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2026-2029 fiscal years.
Key Points:
- 2024 Budget Performance: The Senate wants a detailed report on the implementation of the 2024 budget.
- 2025 Expectations: The committee expects a comprehensive outline of the expectations for the 2025 capital component.
- MTEF and FSP Presentation: The presentation of the MTEF and FSP for the 2026-2029 fiscal years will only proceed after the committee reviews the submitted reports.
- Divergent Views: While the Minister of Finance expressed optimism about the budget’s performance, the Director-General of the Budget Office described the 2024 and 2025 fiscal years as “turbulent” due to unforeseen challenges.
The Senate’s directive underscores the importance of prudent financial management and accountability in governance.
