Senate Gives President Tinubu’s Economic Team Two-Week Ultimatum to Present Detailed Report on 2024 Budget Performance Before Considering 2026–2028 MTEF

The Senate has issued a two-week ultimatum to the executive arm of government, mandating it to submit a comprehensive and documented report on the implementation of the 2024 budget, together with projections for the 2025 fiscal year, before the legislature will consider the Medium-Term Expenditure Framework (MTEF).

The directive was handed down during a crucial meeting between the Senate Committee on Finance and President Bola Ahmed Tinubu’s economic team, led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, held at the National Assembly Complex in Abuja.

Chairman of the Senate Committee on Finance, Senator Sani Musa, who issued the ultimatum, stated that the legislature would not proceed with deliberations on the 2026–2028 MTEF and Fiscal Strategy Paper (FSP) until it receives a clear and verifiable report on the performance of the 2024 budget.

“We cannot proceed with the MTEF without first understanding how the 2024 budget has performed so far.

“We give you till October 23 to revert and provide a documented report before we look at the 2026 MTEF,” Senator Musa declared.

Senator Musa stressed that the National Assembly requires accurate, transparent, and up-to-date data to evaluate the fiscal assumptions underpinning the proposed MTEF. He maintained that such clarity was vital for credible fiscal policy formulation and sustainable national planning.

According to him, the Senate Committee’s assessment would focus on key parameters such as revenue performance, expenditure efficiency, and project execution under the 2024 budget, to ensure the government’s fiscal policies are grounded in reality.

“The Senate will not approve projections based on assumptions. 

“We need facts, figures, and verified performance reports to ensure accountability in public finance,” the senator insisted.

The meeting was attended by prominent members of the President’s economic management team, including Finance Minister Wale Edun, who briefed the committee on Nigeria’s macroeconomic outlook, fiscal policy trajectory, and reform priorities ahead of the 2025 budget cycle.

The Senate’s latest position highlights growing apprehension among lawmakers regarding the implementation rate of the 2024 budget, especially issues surrounding capital releases, revenue generation shortfalls, and rising debt service obligations. Lawmakers argued that the absence of a credible performance review hampers effective fiscal oversight and planning.

The Medium-Term Expenditure Framework (MTEF) remains a critical fiscal instrument that guides Nigeria’s annual budgeting process by defining government priorities, revenue targets, and expenditure ceilings over a three-year horizon.

With the October 23 deadline now officially set, the Federal Government is under pressure to present a comprehensive, transparent, and verifiable report detailing the level of execution of the 2024 budget. The submission of the report will serve as a prerequisite for the Senate’s consideration of the next fiscal plan, setting the tone for Nigeria’s 2026–2028 economic direction.