Senate Resumes with High Stakes: CBN Leadership and 2024 Budget Take Center Stage – Tuesday marks the much-anticipated return of the 10th Senate from its annual summer hiatus. Two major items top the agenda: the confirmation of the newly nominated Central Bank of Nigeria (CBN) leadership and laying the groundwork for the 2024 budget.
At the heart of the discussions will be Olayemi Cardoso, the acting CBN Governor, and the four newly nominated deputy governors. Appointed by President Tinubu during the Senate’s recess, their confirmations are now pivotal. The Senate’s green light will empower them to take the reins and influence Nigeria’s monetary direction.
Laying Down the Budget Blueprint
In addition to the CBN confirmations, the Senate will tackle the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). These documents provide the foundation for the forthcoming 2024 budget. Traditionally, the Federal Executive Council (FEC) approves the MTEF/FSP, after which it heads to the National Assembly.
However, the Fiscal Responsibility Act indicates that these documents should have been presented to the lawmakers by August. Given President Tinubu’s newly formed cabinet has only convened once, there might be a delay in this process.
Following the MTEF/FSP will be the 2024 Appropriation Bill’s scrutiny, which is likely to be presented to the National Assembly soon. If the 10th National Assembly maintains the January-to-December budget cycle initiated by the 9th Assembly, it implies imminent interactions with various federal departments and agencies to evaluate their budget performances.
New Appointments Await Confirmation
While the Senate was away, President Tinubu made several key appointments. Apart from the CBN leadership, notable appointees include Jamila Bio Ibrahim (Minister of Youth), Ayodele Olawande (Minister of State for Youth), and Zacch Adedeji (Chairman of the Federal Inland Revenue Service). Also awaiting confirmation is the reconstituted team of the Niger Delta Development Commission, with notable names like Chiedu Ebie and Samuel Ogbuku.
The Fiscal Road Ahead
During the recess, Sani Musa, Chairman of the Senate Committee on Finance, hinted at an aggressive drive towards plugging revenue leakages and boosting the nation’s finances. Musa emphasized the importance of the informal sector, which accounts for about 80% of Nigeria’s economy. The aim? To stimulate growth through both domestic industries and foreign investments.
The Senate’s finance committee is doubling down on its commitment to fiscal prudence and discipline. As the nation grapples with economic challenges, various Senate committees are expected to present bills focused on raising additional revenues.
As the Senate convenes, all eyes will be on its members. Their decisions in the coming weeks will play a crucial role in shaping Nigeria’s economic trajectory. The stakes are high, and the nation watches with bated breath.