Nigeria’s Senate made a significant move on Wednesday by approving the medium-term expenditure framework for 2024-2026, mapping out the government’s financial roadmap for the next three years.
A day prior, the House of Representatives, the parliamentary powerhouse, had already given the green light to this crucial framework. This document holds the key to Nigeria’s budgetary process, ensuring that government expenditures harmonize with its economic and societal objectives. It unfolds a dynamic three-year plan, spotlighting spending priorities and the financial strategies to back them.
With both arms of Nigeria’s parliament endorsing the framework, the stage is now set for President Bola Tinubu to present the country’s 2024 budget proposal of a whopping 26 trillion naira ($34 billion) to parliament for the final nod.
Crafted and fine-tuned by Tinubu’s cabinet before seeking parliamentary approval, this document anticipates the naira’s trading dynamics, projecting it to hover around 700 per dollar in the coming year before exhibiting a gradual strengthening in 2025 and 2026. The fiscal future of Nigeria is taking shape, and the stakes are high.
By Eve Waruingi