LunagisthubSenate Requests Budget Performance Report: A Step towards Transparency and Accountability
The Senate has taken a significant step towards ensuring transparency and accountability in the budget process by directing the Minister of Finance, Wale Edun, and other key officials to submit a comprehensive report on the 2024 budget performance within two weeks. This report must include projections for the capital component of the 2025 budget, which is a prerequisite for considering the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2026-2029.
The MTEF/FSP is a critical document outlining the government’s macroeconomic assumptions, revenue projections, spending priorities, and debt management strategies over three years. It provides a framework for budget planning and implementation, ensuring that resources are allocated effectively and efficiently.
The Senate’s decision comes after conflicting accounts of budget performance from the Federal Government’s economic team. Minister Edun claimed high performance in implementing the capital components of the 2024 and 2025 budgets, while the Director-General of the Budget Office, Tanimu Yakubu, stated that budget assumptions were largely unmet due to global and domestic shocks.
The Senate will reconvene on October 23 to review the submitted report. This development has significant implications for budget transparency, accountability, and the legislative process.
The Senate’s request for a comprehensive report might delay President Bola Tinubu’s presentation of the 2026 fiscal proposal to the National Assembly.
The Senate’s oversight role could lead to better budget transparency and accountability, enabling more effective resource allocation and project implementation.
By scrutinizing the budget performance report, the Senate can ensure that the executive branch is held accountable for its spending and revenue projections.
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