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Buhari seeks Senate approval on three-year fiscal strategic framework

By News Desk

President Muhammdu Buhari has written the Senate to sought the lawmaker’s consideration and approval on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).

Buhari said that the submission of the MTEF/FSP was to ensure the parliamentarians consider and pass the 2022 budget in December to meet up with the January-December budget circle.

The Senate President, Ahmad Lawan, who read the president’s letter during plenary on Tuesday, assured that the lawmakers would consider and approve the report on Thursday, adding that the prompt approval would enable the executive commence work on the 2022 Appropriations Bill.

In ensuring the lawmakers meet up with the Thursday’s deadline, Lawan directed the the Senate Joint Committee on Finance National Planning, Foreign and Local Debt, Banking, Insurance and other Financial Institutions, Petroleum (Downstream) to work on the document and submit it report for consideration and approval within 24 hours.

Meanwhile, Buhari had in the letter insisted that the timely passage of the document would facilitate the early preparation of the 2022 budget based on approved parameters by the upper chamber.

The letter titled: “Submission of the Federal Government of Nigeria 2022 – 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper” reads: “It is with pleasure that I forward the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for the kind consideration and approval of the distinguished Senate.

“Let me use this medium to express my deep gratitude for the enduring collaboration and commitment of the leadership and distinguished Senators in our collective efforts to sustain the restoration of the January to December Financial year.

“On our part, we have worked very hard to sustain the early submission of the MTEF/FSP. This is to allow the National Assembly sufficient time to perform its important statutory duty of reviewing the framework and strategy paper.

“I herewith forward the 2022-2024 MTEF/FSP, as the 2022 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2022-2024 MTEF/FSP. I seek the cooperation of the National Assembly for expeditious legislative action on the submission.”

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