By News desk
Few hours after the Senate confirmed the receipt of Medium Term Expenditure Framework (MTEF) 2020-2022 and Fiscal Strategy Paper from President Muhammadu Buhari, House of Representatives has also received the annual economic rolling plan from the president.
MTEF normally contains the fundamental assumptions of the annual budget in line with the fiscal responsibility act of 2007.
The letter sent by Buhari was read by the Deputy Speaker, Ahmed Wase, during plenary on Wednesday.
“It is with pleasure I submitted the 2020-2022 MTEF/FSP to the House. Let me use this medium to express my gratitude for the much-improved partnership between the Legislature and Executive in our word of making the budget process deliver better outcomes for the Nigerian people, in particular, I note with appreciation the commitment and support the distinguished Senators have demonstrated.
“Pursuant to the provisions of the Fiscal Responsibility Act 2007, the preparation towards submission of the 2020 budget to the National Assembly is progressing well. The MTEF/FSP was prepared taking into account key developments in global and domestic environment. We have endeavoured to ensure that forecasted revenues are realistic and also reasonably challenging in the face of our significantly constrained fiscal space,”the letter reads.
“Planned spending has been set and proven at sustainable levels consistent with the government overall developmental objectives and set out in the Economic Recovery and Growth Plan. Given our shared objective offer returning the budget to predictable January to December fiscal year with effect from 2020.
“I hereby forward the 2020-2022 MTEF and FSP to the distinguished Honorables and trust that it will be expeditiously considered in order to facilitate the 2020 Nigerian budget preparation process,” the letter added.
The plan was referred to Committees on Finance and Appropriations.