Business
Buhari tasks NASS over timely passage of 2019-2021 MTEF/FSP
President Muhammadu Buhari has appealed to the National Assemby to expedite action on the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper to aid the timely preparation and passage of the 2019 budget.
The President made the appeal in a letter he transmitted to the lawmakers and read by the Senate President, Bukola Saraki and Speaker, Yakubu Dogara at plenary on Tuesday.
According to President Buhari in the letter, the timely passage of the MTEF / FSP would allow the 2019 Appropriation Bill to be prepared on time for laying before the National Assembly.
The letter read in part: “I write to submit the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper to the distinguished Senate.
“Pursuant to the provisions of the Fiscal Responsibility Act 2007, the preparation towards the submission of the 2019 budget to the National Assembly is progressing well. The MTEF/FSP were prepared against the background of a generally uncertain global economic environment; as well and fiscal challenges in the domestic economy to ensure that planned spending is set at prudent and sustainable levels, and is consistent with government’s overall objectives and inclusive growth.
Read also: Nigerians complaining FG borrowing too much should tell us where to find funds —Fashola
“I hereby forward the 2019-2021 MTEF/FSP, and trust that it would be expeditiously considered in order to bring the 2019 Federal Government of Nigeria’s budget preparation process to timely closure.”
It would be recalled that the Federal Executive Council (FEC), had approved the 2019-2021 MTEF / FSP, which proposed N8.73tn for the 2019 budget, N400bn lower than that of the current fiscal year earlier in October.
The price of crude oil was also pegged at $60 for the 2019 budget while the exchange rate was pegged at N305 to $1.
Daily crude oil output for the country was also pegged at 2.3m barrels per day.
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