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MTEF / FSP Papers Not Ready As Tinubu Present N26.1tn 2024 Budget November
President Bola Tinubu will present the proposed N26.1 trillion 2024 budget estimates to a joint session of the National Assembly November, but the 2024 – 2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper which the budget is tied to is not ready, it was gathered.
Angered by this development, the Senate has summoned the minister of finance, economic and national planning to come and explain why the MTEF and Fiscal Strategy Paper is not ready.
Ahead of the presentation, the Senate through its committee on Appropriations, has summoned the Ministers of Finance , Wale Edun and his counterpart on Budget and Economic Planning , Senator Atiku Bagudu , to appear before it on Wednesday next week for explanations .
This is as the Chairman of the Committee , Senator Solomon Olamilekan Adeola ( APC Ogun West ) , disclosed to journalists that President Tinubu would forward 2024 – 2026 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper to both chambers of the National Assembly next week for scrutiny and approval .
Senator Adeola who stated this while fielding questions from journalists after the inaugural meeting of the committee , said the executive in the proposed budget should come up with 55% allocations for capital expenditure as against 25 to 30% it has been, over the years .
He also said that the appropriation committee under his chairmanship , would not entertain any approval for corrigendum after budget consideration and passage .
He however assured that despite the delay in budget presentation for 2024 fiscal year , the already established January to December implementation period , would be sustained .
“Information at our disposal indicates that President Bola Tinubu would present 2024 budget proposals to a joint session of the National Assembly early next month.
“Ahead of that presentation, Mr President will forward to both chambers of the National Assembly, MTEF and FSP papers next week for thorough scrutiny and possible passage.
“In light of the presentations, the Senate Committee on Appropriations will have before it on Wednesday next week , Ministers of Finance , Budget and Economic Planning for explanations on planned projections as regards what percentage is going for what and what components of the budget .
“The new administration has a new mantra that encapsulates its vision and there must be challenges. “We will do a thorough job on the budget. Our job is to verify the budget to meet the expectations of the people. We will look into it thoroughly.
“We are expecting the MTEF next week and immediately we receive the document, the Committee on Finance will go into work and look into it.
“I assure you that we won’t break the tradition, we will have the budget as at when due. We will keep to the tradition of the January to December budget cycle”, he said.
The House of Representatives has called on the Central Bank of Nigeria to suspend the implementation of the increment in Automated Teller Machine transaction charges given the economic situation in the country.
The decision of the House was sequel to the adoption of a motion of urgent public importance sponsored by the member representing Esan Central /Esan West/Igueben Federal Constituency, Edo State, Marcus Onobun, during Tuesday’s plenary.
Addressing his colleagues on the floor, Onobun noted that the apex bank through a recent circular, prescribed an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs, thereby imposing additional financial burdens on Nigerians.
Recall that with the new policy, customers withdrawing from their bank’s ATMs will continue to enjoy free withdrawals.
However, a fee of N100 will be applied to N20,000 withdrawals for customers from other banks transacting from ATMs within the bank premises.
Similarly, customers from other banks transacting from ATMs outside the premises of the bank such as malls, marketplaces, and other public places will be charged N100 and an additional surcharge of N500.
The Peoples Democratic Party lawmaker argued that Nigerians “Are already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hike, and numerous banking and service charges that significantly reduce disposable income and negatively impact their welfare.
“We are worried that the imposition of additional ATM withdrawal charges will further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services, thereby contradicting the CBN’s financial inclusion agenda.
“The banking sector has continued to record significant profits, imposing further charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable.”
The Speaker, Tajudeen Abbas, who presided over the plenary session put the motion to voice vote and it was overwhelmingly supported by the lawmakers.
The House thereafter urged the CBN to immediately suspend the implementation of the policy, pending proper engagement with the relevant Committees on Banking, Finance, and Financial Institutions.
The Concerned Christian Youth Forum (CCYF) has issued a stern warning to Nigerian activist and politician Omoyele Sowore over his recent remarks about Christian leaders in the country.
In a statement on Tuesday, the forum’s convener, James Paul Adama, described Sowore’s comments as “offensive and unfounded,” warning that any further disparagement of the Christian faith or its leaders would not be tolerated.
“To label our Fathers of Faith and Pastors as failures, uneducated, or jobless is preposterous, egregiously disrespectful, and therefore unacceptable,” Adama said.
“The time has come to put an end to Sowore’s incessant attacks on the Christian faith and its reputable leaders.”
The statement accused Sowore of undermining the contributions of some of Nigeria’s most revered religious figures, including Bishop Francis Wale Oke, Pastor E.A. Adeboye, Bishop David Oyedepo, Pastor W.F. Kumuyi, and others. It noted that these individuals had attained remarkable success in their respective fields and were widely respected both nationally and internationally.
“Sowore should reflect on the fact that these individuals are not only spiritual leaders but also intellectual heavyweights who have earned the admiration of millions,” the statement read.
“Academically, Sowore is a dwarf where most of these men are standing. How can a sane man refer to a First-Class graduate of mathematics or a professor of mathematics as uneducated?”
The CCYF further accused Sowore of making statements “not grounded in reality, but rather in ignorance and hate.”
It described his words as “reckless” and warned that they could incite religious tension in an already volatile society.
“This serves as a strong note of warning to Sowore and his ilk that any further attacks on Christianity or Christian leaders will be met with a stronger response,” the forum said.
“His misguided words and actions have far-reaching consequences, even capable of causing a breakdown of law and order.”
The CCYF called on the Nigerian government to take note of Sowore’s statements, highlighting their potential implications for national peace and security.
“We, the Concerned Christian Youth Forum, stand in solidarity with our Christian leaders and our faith. We will not tolerate any further attacks against them.”
Former governor of Sokoto State and current Senator, Aminu Waziri Tambuwal, has reaffirmed his party’s commitment to reclaiming power in 2027.
Speaking on Monday at the launch of a Ramadan aid distribution programme, Tambuwal assured supporters that the Peoples Democratic Party (PDP) would regain its “stolen mandate” in the next general elections.
The initiative, aimed at assisting fasting Muslims during Ramadan, will benefit 30,000 households across Sokoto State.
Tambuwal noted that this effort was in addition to food assistance programmes being carried out by PDP lawmakers at both state and federal levels.
“As you are aware, many people have lost their lives and are no longer with us. By His grace, we are here to witness another Ramadan and provide support to our people once again,” he said.
He expressed gratitude to party leaders and supporters for their commitment, stressing that the PDP remained united in Sokoto.
“We are one big, united family. We shall continue to work together towards reclaiming what has been taken away from us.
In the last elections, our mandate was forcefully stolen, but we are restrategising and reorganising. By the grace of Allah, we will reclaim it in 2027,” Tambuwal declared.
Sokoto State PDP chairman, Comrade Bello Goronyo, echoed similar sentiments, thanking party members for their loyalty.
He criticised the current government, attributing the economic hardships faced by Nigerians to the ruling All Progressives Congress (APC).
“We urge the people of Sokoto and Nigerians at large to free themselves from the misgovernance of the APC in 2027,” Goronyo stated.
The PDP’s Ramadan assistance programme includes the distribution of thousands of bags of rice and other essential grains to youth and women-led organisations across the state.