Nigerian To Discuss and Debate Medium Term Expenditure Framework On Tuesday
In line with its resolve to determine all economic bills as a way out of the current downturn, the Senate will on Tuesday commence debate on the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted for its approval by President Muhammadu Buhari on Tuesday, October 4, 2016.
Expenditure framework and Fiscal Strategy Paper provide the framework for the 2017 budget. The early listing of the MTEF/FSP for debate in Senate, shortly after it was laid before both chambers of the National Assembly, according to a statement from the Media Office of the Senate President, is to fast-track its consideration and passage so as to pave the way for the Executive to present the 2017 Appropriation Bill before the National Assembly.
Nigerian Senate is expected to hold its second interactive session with Civil Society Organizations on the nation’s budgeting system on Monday barring any last minute change.
Senate President, Dr. Abubakar Bukola Saraki, last week Thursday said the Red Chamber would commence debate on the matter in order to ensure it is given speed passage in line with its economic revival agenda.
Some of the fiscal projections in the 2017 – 2019 medium term expenditure framework expected to engage the lawmakers’ attention during the debate include the proposed 2017 crude oil benchmark of $42.5 per barrel, up from $30 in the 2016 budget and the estimated N7.775 trillion as revenue to be generated from the oil resources considering the $42.5 per barrel benchmark and an estimated 2.2 million barrel per day oil production.
“The commencement of debate this week underscores the commitment of the Senate and signposts the desire of the Upper Chamber and by extension the National Assembly to ensure that all economic bills are conscientiously considered and passed as a way of boosting the economic revival policies and programs of the present administration.”
“The Senate believes that the quick consideration and approval will pave way for the laying of the 2017 budget to enable the National Assembly consider the 2017 money bill and pass it so that the budget cycle can commence normally next year.
The implementation of the 2017 budget can start in earnest in January if the budget is laid on schedule, considered and passed by the National Assembly. Therefore, the Senate has decided to give attention to the MTEF/FSP so as to correct some of the delays of the past which often impacted negatively on the full implementation of the budget,” it said.