The Senate on Wednesday received a correspondent from President Bola Ahmed Tinubu which contained the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for expeditious consideration and approval.
The President of the Senate, Godswill Akpabio read the correspondent which was signed by President Tinubu on Tuesday during plenary.
It read, “I am pleased to submit the 2024 – 2026 Medium Term Expenditure Framework, (MTEF) and Fiscal Strategy Paper, (FSP) to the National Assembly.
In the letter, President Tinubu expressed gratitude to the Senate for his enduring commitment to the partnership between the legislative and executive arms of government.
The president indicated that the MTEF and FSP submission is in preparations towards submission of the 2024 budget to the National Assembly according to the provisions of the Fiscal Responsibility Act, 2007,
“The MTEF and the 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 consequences on global and energy prices.
“We are also faced with challenges in domestic revenue mobilisation and significantly elevated public debts.
“Additionally, many economies around the world have witnessed increased inflation with in particular adverse effects on capital flows to emerging markets.”
In order to begin the process of preparing the 2024–2026 budget on schedule, Tinubu also asked the Senate to approve the FSP and MTEF with prompt consideration.
“I hereby forward the 2024 – 2026 MTEF and FSP to the National Assembly for their kind expeditious consideration and approval of the Senate in order to bring the 2024 Federal Government of Nigeria’s budget preparations process to timely closure.”
The Senate however, referred the MTEF and FSP to the committees on Finance, Appropriations, National Planning and Economic Affairs and the Committee on Local Debt.