UPDATED: Buhari may present 2018 budget on Tuesday

Baring last minute changes, there are indications that President Muhammadu Buhari may present the 2018 budget before the National Assembly.

BusinessDay sources at the Presidential Villa, said the budget which is ready for presentation was being delayed because the Federal Executive Council was yet to approve it.

“We stand by our plans to present the budget this October. So, as soon as it is approved, we will notify the National Assembly that we are ready for presentation,” a high profile source said.

Our source also believe that the Mid Term Economic Framework 2018-2020, ( MTEF) recently forwarded to the National Assembly will be approved before the budget presentation.

This is just as the budget has been listed as the only item for discussion at the Federal Executive Council (FEC) meeting fixed for tomorrow, Thursday.

Presidency had taken to its Twitter handle Wednesday to announce the postponement of the regular weekly FEC meeting from Wednesday to Thursday

“@NGRPresident: Federal Executive Council (FEC) Meeting will hold tomorrow, Thursday Oct 26. Agenda is #Budget2018, which is currently being finalized.” according to the statement on twitter, Wednesday.

Presidency also announced on twitter that it is on course with plans to have the 2018 budget passed in 2017, as part of plans to restore the January to December budget calendar

” We’re on course with plans to have #Budget2018 passed into law before the end of 2017, and restore the budget calendar to Jan—Dec”

The Senior Special Assistant to the President on National Assembly Matters, Ita Enang was at the Presidential Villa, Wednesday.

It was however not immediately certain if his visit was in connection with the plans to ensure that the budget is presented on Tuesday.

Speaking with Business Day, after his visit, Ita Enang said he was optimistic that the budget will be presented as planned.

” We have high hopes and we are on course” he declared as he hurriedly left the Presidential Villa.

The President had while sending the framework to the National Assembly last week, explained that the MTEF and FSP were structured against the back­drop of “a generally adverse global economic uncertainty.”
“I am pleased to submit the 2018-2020 Medium-Term Expend­iture Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives. Let me use this opportunity to express my gratitude for the en­during partnership between the legislative and executive arms of government.
“Pursuant to provisions of the Fiscal Responsibility Act, 2007, the preparation towards the submission of the 2018 budget to the National Assem­bly is progressing well.
“The MTEF and FSP were prepared against the backdrop of a generally adverse global economic uncertainty as well as fiscal challenges and recov­ery in the domestic economy to ensure that planned spend­ing is set at prudent and sus­tainable levels and is consistent with government’s overall de­velopmental objectives and in­clusive growth.
“I hereby forward the 2018-2020 MTEF and FSP to the House of Representatives and trust that it would be kindly considered and approved ex­peditiously in order to bring the 2018 FGN Budget prepara­tion process to timely closure,”

 

Tony Ailemen