President Muhammadu Buhari has transmitted the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly for consideration and approval.
President of the Senate, Bukola Saraki and Speaker of the House of Representatives, Yakubu Dogara, read Buhari’s cover letter on the document in the chambers during plenary on Tuesday.
In the letter, the President told the lawmakers that timely passage of the MTEF / FSP would allow the 2019 Appropriation Bill to be prepared on time for laying before the National Assembly.
The letter partly read, “I write to submit the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper to the distinguished Senate.
“Pursuant to the provisions of the Fiscal Responsibility Act 2007, the preparation towards the submission of the 2019 budget to the National Assembly is progressing well. The MTEF/FSP were prepared against the background of a generally uncertain global economic environment; as well and fiscal challenges in the domestic economy to ensure that planned spending is set at prudent and sustainable levels, and is consistent with government’s overall objectives and inclusive growth.
“I hereby forward the 2019-2021 MTEF/FSP, and trust that it would be expeditiously considered in order to bring the 2019 Federal Government of Nigeria’s budget preparation process to timely closure.”
The Federal Executive Council had earlier in October approved the 2019-2021 MTEF / FSP, which proposed N8.73tn for the 2019 budget, N400bn lower than that of the current fiscal year.
The Federal Government had also pegged the price of crude oil for the 2019 budget at $60 per barrel, the exchange rate at N305 per United States dollar, and daily crude oil production at 2.3 million barrels per day.