The prospect of the January to December budget cycle seems dim because President Bola Tinubu has yet to send the MTEF and the FSP to the National Assembly for consideration.
The House of Representatives Committee on Appropriations has expressed readiness to comply with the January-December budget cycle by ensuring speedy passage of the budget when it is presented by President Bola Tinubu.
The Chairman of the Committee, Abubakar Bichi (APC, Kano), said this on Tuesday during its inaugural meeting and adoption of a work plan for the 2024 budget.
“The Committee will ensure the sustenance of the long-established and cherished precedent of ensuring compliance with the Financial Year Act through budget passage on or before 31 December of each financial year.
“This development will no doubt make the budget implementation from January to December operational and achievable,” Mr Bichi said.
The National Assembly, in the past four years, maintained a budget cycle of January to-December.
However, the prospect of the cycle seems dim because President Bola Tinubu has yet to send the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) to the National Assembly for consideration.
MTEF is a multi-year budget structure spelling out a top-down estimate of aggregate resources available for public spending, bottom-up coasted sector pprogrammes, reconciliation of needs with resource constraints for sectoral resource allocation and ensuring that budget execution reflects agreed plans.
2024 budget estimation
On Monday, the Minister of Budget and National Planning, Atiku Bagudu, announced that the 2024 budget is estimated at N26 trillion,
He further disclosed that the MTEF will be sent to the National Assembly soon while the budget will be presented before 31 December.
This is the first budget to be proposed by the Tinubu administration which came to power in May. It will also be the first to be considered by the 10th National Assembly.
Collaborate with Senate
Mr Bichi also disclosed that the House will collaborate with relevant committees of the House and also work with the Senate to ensure speedy passage.
“In furtherance of this significant duty, the committee’s leadership will initiate a strategic meeting with Chairmen of Finance, National Planning and Aids, Loans and Debt Management to gather data that will facilitate effective function of this Committee of ensuring inclusive budget preparation, appreciable implementation and effective oversight,” he said.
He said the committee will use its oversight power over relevant agencies such as the Federal Ministry of Budget and Economic Planning, Federal Ministry of Finance, Office of the Accountant General of the Federation and National Economic Intelligence Agency, among others to monitor the budget implementation.
The lifespan of the 2023 budget expires on 31 December unless there is an amendment to the budget.