President Bola Tinubu has formally transmitted the 2025–2027 Medium-Term Fiscal Framework (MTF) and Fiscal Strategy Paper (FSP) to the Senate.
The News Agency of Nigeria (NAN) reports that Tinubu is seeking prompt legislative approval of the documents to guide preparation for the 2025 budget.
In a letter addressed to the President of the Senate, Godswill Akpabio, Tinubu said that the MTEF/FSP had been approved by the Federal Executive Council (FEC) during its meeting on Nov. 10.
He said that the 2025 budget would be prepared based on the parameters and fiscal assumptions outlined in the MTF/FSP.
“It is imperative to seek the National Assembly’s expeditious legislative action on this submission.
“I trust that the Senate will consider the passage of this submission without delay,” the letter read.
Akpabio, thereafter, directed that the document be referred to the Committees on Finance, National Planning and Economic Affairs for further review.
The committees are expected to report back to the senate in due course to facilitate timely deliberations and approval.
During the session, the senators voiced their support for the motion to refer the document to the relevant committees, with the motion receiving unanimous approval.
The senate is expected to deliberate on the committees’ findings and provide a final resolution on the framework and strategy paper in the coming weeks.
NAN reports that the MTF/FSP serve as critical policy instruments for Nigeria’s fiscal planning, outlining revenue projections, expenditure priorities and economic assumptions that guide budget formulation.
Their timely approval is essential to ensure the smooth preparation and eventual implementation of the budget for the 2025 fiscal year. (NAN)
