Reps set up confab committee on MTEF

House of Representatives on Thursday set up a conference committee that would harmonise variances in the 2016 – 2018 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The House also emphasised the need for synergy between the Executive and National Assembly to accelerate the passage of the Petroleum Industry Bill (PIB), particularly those sections with implication on joint venture funding by Federal Government (JVC Cash Calls).

The resolution was passed following the rejection of two recommendations of the report of the joint Senate and House Committees on Appropriation, Finance and Aids, Loans and Debt Management, presented by Abdulmumin Jibrin.

Speaking on the report, Femi Gbajabiamila, majority leader, who faulted the jurisdiction of the committee, argued that recommendation that “the implementation of the Treasury Single Account (TSA) with e-collection platform be sustained” was not part of the MTEF/FSP.

On his part, Leo Ogor, minority leader, kicked against the recommendation that the “arrears of 2015 fuel subsidy for domestic consumption as proposed in the MTEF be sustained” should be deleted as the recently approved 2015 supplementary budget made adequate provision for which accounted for the significant increase above President Buhari’s initial proposals.

To this end, Speaker Yakubu Dogara mandated the four-member Conference committee to be chaired by Jibrin, to present its report next Tuesday ahead of the 2016 budget proposal presentation by President Muhammadu Buhari.

During the debate on the MTEF/FSP, the House adopted the $38 as oil benchmark and N5.720 trillion for non-oil revenue projection for 2016 fiscal year.

The lawmakers also urged Central Bank of Nigeria (CBN) to initiate measures that would close the gap between the parallel market and the official exchange rate.

“That government should sustain the current tempo towards increasing Federal Government independent revenue and diversification of the economy.

“That the Federal Government should establish a database and possibly a single salary account for all its employees in order to streamline and reduce its personnel cost. An increase in tax collection to a level closer to the accepted tax/GDP ration of our economy.

“That the relevant committees of the National Assembly should closely and constantly conduct oversight of the Ministries, Departments and Agencies (MDAs) responsible for implementing special intervention programmes to ensure that the targeted populace benefit and in order to avoid abuse.”

The House also endorsed the proposed diversification of the economy, which is to be accompanied with economic modernisation such that the economy can be more competitive and productive.

“That the finding of the infrastructural development stated in the MTEF should be clearly captured in the details of the 2016 Appropriation Bill.”