• Sunday, February 25, 2024
businessday logo


UPDATED: Buhari Submits 2020-2022 MTEF/FSP to NASS

2020 Budget of smoke and mirrors won’t take Nigeria to Promised Land
President Muhammadu Buhari on Wednesday submitted the 2020-2022 Medium Term Expenditure Frame Work (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly.
This was contained in separate letters personally signed by the President, dated 24th September 2019 and tagged “submission of 2020-2022 Medium-Term Expenditure Framework and Final Strategy Paper.”

The executive communication was addressed to President of the Senate Ahmad Lawan and the Speaker of the House of Representatives,  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 according to provisions of the Fiscal Responsibility Act, 2007.

He said the budget framework submission was in preparation for 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.

“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 to take into account key developments in the global and domestic environments,” the letter stated.

Buhari further said, “we have endeavoured to ensure that forecasted revenues are realistic but also reasonably challenging in the face of our significantly constrained fiscal space.”

It, however, stated that planned spending has been set at prudent and sustainable levels, consistent with the Government’s overall developmental objectives as set out in the Economy Recovery and Growth Plan (ERGP).

“Given our shared objective of returning budget to a predictable January-December fiscal year with effect from 2020, I Herby 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 stated in the letter.

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

Similarly, the Deputy Speaker of the House of Representatives, Ahmed Wase who presided over plenary on Wednesday while reading a communication from the President said Buhari called for expeditious consideration of the MTEF by the National Assembly to pave way for the reversal to the January to 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 N8.7trillion.