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Buhari submits 2020-2022 MTEF/FSP to NASS

Muhammadu Buhari

President Muhammadu Buhari on Wednesday submitted the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly.
This was contained in separate letters personally signed by President Buhari, dated 24th September, 2019 and tagged “Submission of 2020-2022 Medium-Term Expenditure Framework and Fiscal Strategy Paper”.

The executive communication was addressed to Senate President Ahmad Lawan and House of Representatives Speaker Femi Gbajabiamila, respectively.

While Lawan read the letter to senators in the Red Chamber, Gbajabiamila announced the submission of the budget framework to lawmakers in the Green Chamber.

Buhari explained in the letter that the MTEF/FSP submitted to the National Assembly was pursuant to provisions of the Fiscal Responsibility Act, 2007.

He said the budget framework submission was in preparation towards submission of the 2020 Budget to the National Assembly which, he noted, is already progressing well.
“It is with pleasure that I hereby submit the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate/House of Representatives,” Buhari said in the letter.

Read Also: Senators Ask Buhari To Re-Open Land Borders

“Let me use this medium to express my gratitude for the much-improved partnership between the legislative and executive arms of the Federal Government in our goal of making the budget process deliver better outcomes for the Nigerian people. The MTEF/FSP was prepared taking into account key developments in the global and domestic environments,” he said.

“We have endeavoured to ensure that forecast revenues are realistic but also reasonably challenging in the face of our significantly constrained fiscal space,” he said further.
The letter stated that planned spending has been set at prudent and sustainable levels, consistent with government’s overall developmental objectives as set out in the Economic Recovery and Growth Plan (ERGP).

“Given our shared objective of returning budget to a predictable January-December fiscal year with effect from 2020, I hereby forward the 2020-2022 MTEF/FSP to the distinguished Senate/House of Representatives and trust that it would be expeditiously considered in order to facilitate the 2020 FGN budget preparation process,” Buhari said in the letter.

Senate President Lawan said the submission of the MTEF/FSP would enhance early passage of the budget before the end of 2019.

Similarly, House of Representatives Deputy Speaker Ahmed Wase, who presided over plenary on Wednesday, while reading a communication from President said Buhari called for expeditious consideration of the MTEF by the National Assembly to pave way for reversal to the January-December budget cycle beginning from 2020.

Although a copy of the budget framework was not made available to NASS correspondents, impeccable sources revealed that in the highlights of the 2020-2022 MTEF/FSP documents already submitted to the legislature by the executive, the 2020 budget is pegged at N8.7 trillion.

 

SOLOMON AYADO & JAMES KWEN, Abuja