• Friday, March 29, 2024
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Senate approves 2019-2021 MTEF/FSP after 155 days

Senate

The Senate on Tuesday finally approved the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), after spending 155 days with the Legislature.

The upper legislative chamber approved all the critical projections in the MTEF/FSP as proposed by the Executive.

The MTEF/FSP, an annual, rolling three year-expenditure planning sets out the medium-term expenditure priorities and provides the basis for the preparation of the annual national budget.

The lawmakers retained the oil output of 2.3 million barrel per day, oil price benchmark of $60 per barrel and an exchange rate of N305/$1.

The Senate adopted the proposals as recommended by the Committee on Finance in its report, presented by its chairman, John Enoh (APC, Cross River).

President Muhammadu Buhari had on November 6, 2018 sent the MTEF/FSP to the National Assembly for approval.

Details later…

 

OWEDE AGBAJILEKE, Abuja