With just over two months remaining in the 2024 fiscal year, the House of Representatives has raised concerns about President Bola Tinubu’s violation of the Fiscal Responsibility Act.
In a motion presented by Clement Jimbo, a member of the House, lawmakers expressed alarm that the 2025 Budget Estimates had not yet been submitted to the National Assembly, despite the rapidly approaching end of the fiscal year.
The House questioned whether there was sufficient time left to thoroughly review and pass key financial documents, including the Medium-Term Expenditure Framework (MTEF), the Fiscal Strategy Paper (FSP), and the 2025 Budget Estimates, before the end of 2024.
The House pointed out that the Fiscal Responsibility Act of 2007 mandates the prudent management of the country’s resources. Specifically, Section 11(1)(b) requires the Federal Government to prepare and present an MTEF for the next three financial years no later than four months before the commencement of the upcoming financial year.
The issue has been referred to the Committee on National Planning for further review.
In a related matter, it was noted that President Tinubu embarked on a two-week leave to the United Kingdom on October 2, 2024.
