Business
Dangerous signals, as Senate suspends consideration of MTEF
The Senate has suspended its planned debate on the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) this week.
Instead, the leadership of the Red Chamber has summoned the Minister of Finance, Kemi Adeosun to brief it on grey areas identified in the two documents.
In a letter dated 19th of October, 2016 and signed on behalf of the Senate by its Leader, Ali Ndume, Adeosun is expected to appear and brief the Senate leadership on some key issues contained in the twin documents.
Among other things, the Senate is requesting for the draft copy of the Medium Term Development Plan, upon which the 2017-2019 MTEF is founded.
It is also seeking a comprehensive report on the implementation of the 2016 budget as at 30th of September, 2016.
“All fiscal rates, taxes, charges used to derive the projected revenue in the 2017-2019 MTEF. A report on the structure/composition of the debt, funding, sources, how the borrowed funds are to be spent, as well as repayment plan and schedule,” Ndume on behalf of the Senate leadership, demanded in the letter.
“Following the letter from his Excellency, President Muhammadu Buhari, dated 30th of September, 2016, forwarding the 2017-2019 MTEF and FSP, the Senate has begun work on the consideration of the document.
“Preliminary review suggests that the thrust of 2017-2019 MTEF and FSP, which is to reflate the economy out of recession to a sustainable and inclusive growth path, is based on the aspirations of this present administration as being articulated in the 2016-2019 Medium Term Development Plan.
“In addition, it is envisaged that the reflation of the economy will be achieved through increased capital spending in target sectors which will be financed through a stronger non-oil revenue drive, as well as increased borrowing.
“To enable the Senate objectively review the MTEF from a holistic fiscal perspective, we deem it necessary to invite you to a meeting to brief the leadership of the Senate on Tuesday, Ist November, 2016 at the National Assembly by 2pm, Ndume’s letter reads in full.
By Ehisuan Odia….
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JOHNSON PETER
October 24, 2016 at 8:28 am
Medium Term Development Plan is essential for economy resuscitation if it is well planned and implemented. So I urge the Senate to consider its approval and not its suspension.
Apachee zooma
October 24, 2016 at 3:34 pm
MTEF! All na grammer. What does it translate into for the common man? Shit policies from shit leaders. What have they done about prices soaring beyond the reach of commoners? All we see is Kemi and Emefiele claiming right over Keynesian theories. MTEF my arse!
yanju omotodun
October 24, 2016 at 8:35 am
I just hope these senators won’t frustrate Buhari’s viable economy plans all because of their selfish interest.
david craig
October 24, 2016 at 8:39 am
i think the senate just needs a comprehensive briefing before moving on with MTEF, hence the invitation of the finance minister.