Senate gives Finance Ministry two-week ultimatum to submit budget performance report

The Nigerian Senate has issued a firm two-week ultimatum to the nation’s economic management team, demanding a comprehensive, documented performance report on the implementation of the 2024 budget and a clear outline of expectations for the 2025 capital component.

This directive, delivered by the Senate Committee on Finance, is a crucial move in asserting legislative oversight and ensuring fiscal accountability before the next cycle of national planning can commence.

​The ultimatum followed a ninety-minute closed-door meeting between the Senate Committee, led by Senator Mohammed Sani Musa, and key executive officials, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Accountant-General of the Federation, Shamsedeen Ogunjimi; and the Director-General of the Budget Office, Tanimu Yakubu.

The core of the Senate’s demand is that documented evidence of the 2024 budget’s performance must be submitted by October 23rd. Crucially, the committee explicitly stated that it would not proceed with the consideration of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2026–2029 fiscal years until the requested reports are in hand.

This effectively links the approval of the next foundational fiscal document to the demonstrable success and transparency of the current year’s budget execution.

​The urgency of the Senate’s action was underscored by the conflicting accounts of the budget’s state presented during the meeting. While Minister Edun expressed optimism, suggesting that the implementation of the capital components for both the 2024 and 2025 budgets was recording “high performance,” the Director-General of the Budget Office, Tanimu Yakubu, offered a more sobering perspective.

Yakubu described the fiscal years as “turbulent,” noting that most of the underlying economic assumptions had turned out differently from projections.

Specifically, he pointed to oil revenue falling short of the assumed $75 per barrel, inflation rising beyond projections, and the unforeseen financial implications of the Petroleum Industry Act (PIA) significantly reducing the Federation Account allocation.

​Senator Musa emphasized that the legislature needs this detailed performance data to properly scrutinize and assess the assumptions and projections contained within the proposed 2026–2029 MTEF/FSP.

This framework is a vital legal requirement under the Fiscal Responsibility Act and serves as the foundation for the President’s subsequent presentation of the annual budget.

By insisting on a backward-looking audit before moving forward, the Senate is strategically exercising its constitutional power to ensure that future fiscal plans are based on realistic, data-driven assessments of past execution, rather than aspirational figures.

This legislative stance highlights a growing demand for transparency and a serious attempt to address the persistent issues of poor budget implementation, which remain a major concern for analysts and the Nigerian public.

The outcome of the October 23rd deadline will determine the timeline for the nation’s 2026 budget process.