Senate Orders Finance and Budget Ministers to Submit 2024 Budget Performance Report Within Two Weeks
The Nigerian Senate has given Minister of Finance Wale Edun and Minister of Budget and National Planning Atiku Bagudu a two-week deadline to present a detailed report on the performance of the 2024 federal budget. The directive, issued by the Senate Committee on Finance on Thursday, follows a thorough session with key officials, including Accountant General Samsudeen Ogunjimi and Budget Office Director-General Tanimu Yakubu, to evaluate fiscal policies and budget implementation.
Senate Committee on Finance Chairman, Sani Musa, emphasized the importance of documented evidence before discussions on the 2026–2029 Medium-Term Expenditure Framework (MTEF) can begin. “We have agreed that we are making progress, but we need to make more progress,” Musa said. He revealed that the committee would reconvene on October 23 to review the submitted reports, highlighting the need to assess the impact of the 2024 budget on economic recovery plans.
During the session, Minister Edun reported signs of economic stabilization despite earlier disruptions. He noted that inflation was slowing and key sectors were showing growth, citing a 4.23% GDP growth in the second quarter of 2025. “The industrial sector alone grew by 7.45%, exceeding population growth and generating income to lift people out of poverty,” Edun said, underscoring the government’s commitment to broad-based economic growth across 46 sectors.
Director-General Yakubu, however, admitted that the 2024 fiscal year faced significant challenges. Oil revenue assumptions fell short due to global price fluctuations, while inflation and borrowing costs exceeded projections, impacting debt service. Additionally, fiscal adjustments under the Petroleum Industry Act (PIA) 2022 reduced Federation Account allocations, as 30% of oil revenue was retained for upstream operations while the government absorbed NNPC’s operating costs, further straining the budget.
Despite these hurdles, Edun reassured that the federal government maintained relatively high budgetary performance, particularly in capital expenditure. He pledged to curb the recurring culture of budget overruns and extended timelines, emphasizing the government’s focus on achieving tangible results for Nigerians. Senator Musa echoed this, stressing that a well-implemented budget is key to improving the economy and ensuring food security for citizens.
source: business day