The administration of President Bola Tinubu has come under pressure from the House of Representatives for taking too long to present the National Assembly with the 2025 budget plan.
The lawmakers contend that the National Assembly is being denied the time it needs to carry out its duties as a result of the Executive’s disregard for Section 11(1)(b) of the Fiscal Responsibility Act 2007.
The legislature has demanded that the Executive follow Section 11(1)(b) of the Act, and it has directed the National Planning and Economic Development, Appropriations, and Finance committees to make sure that compliance is achieved in a fortnight.
The Fiscal Responsibility Act of 2007 provides several advantages, including responsible resource management, long-term macroeconomic stability, accountability, and transparency in fiscal operations. Clement Jimbo filed a motion of urgent public interest, which resulted in the House’s decision.
Jimbo also emphasized that the Medium-Term Economic Forecast (MTEF) for the following three fiscal years must be prepared and presented by the Federal Government no later than four months prior to the start of the subsequent fiscal year. The House of Representatives voted to “Urge the Executive to comply with section 11(1)(b) and submit the 2025 Budget Proposal without further delays.”
