President Muhammadu Buhari Tuesday transmitted the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the legislature to the National Assembly.
In a letter addressed to the Speaker of the House of Representatives, Hon. Yakubu Dogara, the president also noted that pursuant to the provisions of the Fiscal Responsibility Act, the preparation for the eventual submission of the 2018 budget to the National Assembly was “progressing well”.
Under the MTEF, the executive is proposing an oil benchmark of $45 per barrel for the 2018 budget, a production target of 2.3 million barrels per day (mbpd), and an exchange rate of $305 to the dollar.
The presentation of the MTEF came on the heels of the plea made by the opposition Peoples Democratic Party (PDP) to the National Assembly to consider the plight of Nigeria’s unborn children and reject the president’s request for approval of $5.5 billion external loans.
Buhari, in the covering letter for the MTEF, said the document had been prepared against the backdrop of 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 consistent with government’s overall developmental objectives and inclusive growth.
Buhari further sought the consideration and expeditious approval of the MTEF and FSP “to bring the 2018 FGN Budget preparation process to a timely closure”.
The speaker referred the letter to the House Committees on Appropriation, Finance, Debts, Loans and Services, and Legislative Budget for consideration.
But the president’s correspondence to the House failed to provide a summary of the MTEF in terms of the budgetary parameters for the three-year period. – Thisday.
