By James Itodo
Ahead of the 2024 budget presentation, President Bola Tinubu has forwarded to the Senate, the 2024 – 2026 Medium Term Expenditure Frame Work ( MTEF) and the Fiscal Strategy Paper ( FSP).
Request to that effect was read in plenary by President of the Senate , Godswill Akpabio. The letter as presented to the Senate by Senator Akpabio reads : ” I am pleased to submit the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly.
“Let me use this medium to express my gratitude to the House of Representatives for its enduring commitment to the partnership between the Legislative and Executive arms of government.
“Pursuant to provisions of the Fiscal Responsibility Act, 2007, preparations toward submission of the 2024 Budget to the National Assembly is progressing well.
” The MTEF and FSP were prepared against the backdrop of a political transition, as well as global issues such as the Russia and Ukraine war which continues unabated with severe implications on global food and energy prices. We are also faced with challenges in domestic revenue mobilization and significantly elevated public debt.
“Additionally, many economies around the world have witnessed increased inflation, with particularly adverse impact on capital flows to emerging markets.
” I hereby forward the 2024-2026 MTEF and FSP to the National Assembly, for the kind expeditious consideration and approval of the House of Representatives in order to bring the 2024 FGN Budget preparation process to timely closure”.
The Senate accordingly mandated its committees on Finance, Appropriations, National Planning , Foreign and Local Debts, to carry out thorough scrutiny on the projections and report back as soon as possible.
Edited To Grace Namiji
Written by: Kevin Nwabueze
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