October 06, (THEWILL) – The Senate has passed the revised Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sent by President Muhammadu Buhari.
The President had on Tuesday sent the revised 2022-2024 MTEF and FSP to the lawmakers for approval.
In a letter addressed to the Senate, the President urged the lawmakers to approve the planning documents which he said would form the basis and assumptions in the 2022 budget.
He stated that the revision reflected the new fiscal terms in the recently enacted Petroleum Industry Act and the 2022 Appropriation Bill.
The revision, according to President Buhari, will reflect funds for the Independent National Electoral Commission (INEC) to prepare for the 2023 general elections.
He explained that it also has provisions for hazard allowance for health workers, wage adjustment for workers, and funds for the population and housing census in 2022.
In the revised MTEF for 2022-2024, President Muhammadu Buhari had increased the projected aggregate expenditure of the Federal Government for the 2022 fiscal year from N13.98 trillion to N16.45 trillion.
However, the Senate approved N16.39 trillion as the Federal Government’s projected aggregate expenditure for the year 2022, representing a reduction of N60 Billion from the N16.45trillion total expenditure proposed by the President.
In July, the Federal Executive Council (FEC) initially approved N13.98 trillion as proposed 2022 aggregate expenditure of the Federal Government prior to the passage of the PIA.
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