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National Assembly approves MTEF five months after Buhari sent it
The Nigerian Senate has approved the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy (MTEF/FSP) Paper after considering the document for five months.
The approval was given at plenary on Tuesday just as the Senate President, Bukola Saraki, directed the Chairman of the Appropriation Committee, Danjuma Goje, to submit his report on the 2019 budget on Thursday.
The MTEF/FSP is an annual rolling three-year expenditure plan that sets out the medium-term expenditure priorities of the federal government.
The MTEF/FSP which was sent to the National Assembly by President Muhammadu Buhari in November, 2018 also provides the basis for the preparation of the annual national budget.
Read also: CBN boosts foreign exchange market with $210m
Parameters in the document remained intact; the oil output at 2.3 million barrel per day, oil price benchmark at $60 per barrel, an exchange rate at N305/$1, GDP growth rate at 3 per cent and inflation growth rate at 9.98 per cent.
The Senate also adopted executive proposals including proposed expenditure of N8.83tn, FGN retained revenue N7.92tn, fiscal deficit N1.86tn, new borrowings N1.65tn, statutory transfers N492.4bn, and debt service N2.14tn.
Others are: Sinking Fund N120bn, total recurrent (non-debt) N4.72trn, personnel costs (MDAs) N2.29tn, capital expenditure N2.86tn, Special Intervention N500bn among others.
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