President Tinubu’s Approach to 2025 Budget: A Deliberate and Thoughtful Process

With just over two months left in Nigeria’s 2024 fiscal year, there has been growing concern over the delay in the presentation of the 2025 budget. Despite the urgency expressed by various quarters, Senator Musa Sani, Chairman of the Senate Finance Committee, believes President Bola Tinubu is being careful in his approach to avoid mistakes made with the previous budget.

Speaking on *Channels Television’s Politics Today*, Senator Sani emphasized that it is not too late for the president to present the 2025 budget. He pointed out that President Tinubu has taken time to consider public feedback, which has highlighted concerns about the government rushing key policy decisions. By taking a more measured approach, the president aims to ensure the budget is well-planned and will contribute to the country’s economic recovery.

Senator Sani explained that the president is focusing on avoiding the lapses seen in the 2024 budget, which has faced criticism for its rushed implementation. He affirmed that the administration is committed to crafting a budget that will strengthen Nigeria’s economy. “It’s not too late to present the budget,” he added, emphasizing that the thoroughness of preparation was more important than rushing the process.

While acknowledging the need for timely presentation of the budget, the senator made it clear that lawmakers would not welcome a hastily prepared document. He commended the economic team for their ongoing reforms and stated that while the executive should submit the budget in good time, it must be a detailed and well-thought-out document for proper scrutiny by the National Assembly.

However, there is ongoing concern from other parts of the legislature. In a motion raised by lawmaker Clement Jimbo, the House of Representatives recently pointed out that the delay in presenting the 2025 budget estimates is a violation of the Fiscal Responsibility Act. According to the law, the Federal Government is required to present a Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) at least four months before the start of the new fiscal year, meaning that time is running out.

The House of Representatives’ Finance Committee has now referred the matter to the National Planning Committee for further examination, stressing the need to ensure adherence to fiscal guidelines. Despite these concerns, President Tinubu’s methodical approach is seen as an effort to avoid repeating past mistakes and to develop a budget that will effectively address Nigeria’s economic challenges.

As the 2024 fiscal year draws to a close, the nation waits to see how the government will balance the urgency of fiscal policy with the need for careful, strategic planning in its 2025 budget proposal.