BEVERLY HILLS, October 04, (THEWILL) – President Muhammadu Buhari has forwarded the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration and approval.
In a letter dated Friday, September 30, 2016, personally signed by the President and addressed separately to both the Senate President, Bukola Saraki, and House of Representatives Speaker, Yakubu Dogara, Buhari said with the submission of the fiscal documents, the preparation for next year’s budget was in progress.
Saraki read the memo containing the fiscal document on the floor of the Senate to lay the framework for the 2017 budget which members of the National Assembly are expected to debate and approve to pave the way for the presentation of the budget.
The President proposed the sum of N6, 866,335,052,740 as budget for 2017 fiscal year and put the oil production figure for 2017 at 2.2 million barrels per day, while the projected oil benchmark price is put at $42.50 with the average exchange rate for 2017 slated at N290.00 per dollar.
Of the N6.866 trillion proposed 2017 budget, the government would spend N1.765 trillion as capital expenditure, N2.563 recurrent (non-debt expenditure) and N1.639 trillion for debt service, even as N350 billion had been budgeted for recurrent social intervention programme in 2017.
THEWILL recalls that the government budgeted N6,060,677,358,227 for the 2016 fiscal year, while it pegged the oil production volume at 2.2mbp while the oil benchmark for 2016 was slated at $38 and the average exchange rate was put at N197 per dollar.
President Buhari’s letter which was read at plenary by Senate President, Bukola Saraki read thus:
“I am pleased to submit the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly.
“Let me use this medium to express my gratitude for the enduring partnership between the legislative and the executive arms of government.
“In particular, I note with appreciation the commitment and support that distinguished senators have continued to demonstrate with respect to the preparation passage and implementation of the federal budget.
“Pursuant to provisions of the Fiscal Responsibility Act of 2007, the preparation towards the submission of the 2017 budget to the National Assembly is progressing well.
“The MTEF and FSP which provides the framework for the development of the 2017 budget was designed against the backdrop of a generally advanced global economic environment as well as fiscal challenges in domestic economy.
“In this regard the 2017-2019 MTEF and FSP articulates the Federal Government economic, socio and developmental objectives as well as the strategies for achieving this divine objectives and priorities.
“I hereby forward the 2017-2019 MTEF and FSP to the distinguished senate and trust that it will be kindly considered, expeditiously approved so as to move the 2017 Federal Budget process forward.
“Please accept the distinguished senate president the assurances of my highest consideration.”
Story by David Oputah
