By Felicia Udeji
President Bola Tinubu is preparing to send an important financial document, known as the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, to the National Assembly next week. This document will set the stage for the 2025 national budget by outlining spending plans and economic goals for the coming years. It’s a required step that provides lawmakers with an overview of how the government plans to allocate resources and manage finances.
According to Senate spokesperson Yemi Adaramodu, the Senate’s Finance Committee is already working with leaders in the financial sector to prepare for the MTEF’s arrival. After reviewing the MTEF, the President will follow up with the actual budget proposal.
“We’re expecting the MTEF document next week,” Adaramodu confirmed. “Once it’s been reviewed, the President will present the full 2025 budget.”
The National Assembly will then examine and discuss both the MTEF and the budget proposal to ensure the plans meet Nigerians’ needs. Adaramodu assured the public that the Senate is committed to thoroughly reviewing the budget to ensure resources are used effectively.
The MTEF is essentially a financial guide, projecting expected income and spending for the next three years. By law, the government must submit this plan before it can present the annual budget to lawmakers. The document also helps set the nation’s budget priorities and ensure that the budget aligns with Nigeria’s financial goals.
Earlier this month, lawmakers emphasized the importance of receiving the MTEF on time to allow a thorough review. The Fiscal Responsibility Act requires the MTEF to be presented at least four months before the new financial year starts to allow enough time for careful consideration and planning.
House Deputy Spokesperson Philip Agbese emphasized that while it’s important to receive the document on time, what matters most is conducting a careful and detailed review. “It’s not just about speed,” Agbese said, “but about ensuring we do a meticulous job for the benefit of all Nigerians.”
In summary, with the MTEF submission next week, lawmakers aim to thoroughly review the document to help ensure the 2025 budget meets Nigeria’s economic and social needs.