President Muhammadu Buhari on Wednesday submitted the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly, hinging the attainment of the economic development targets projected in the documents on improved tax revenue and other fiscal performance parameters.
The President stated that that key developments of the global and domestic environments were taken into consideration in the preparation of the MTEF/FSP.
While commending the lawmakers on their efforts geared towards ensuring a cordial working relationship between the legislature and executive arms of government through the letter, President Buhari pointed out that in preparing the documents, government strived to ensure that projected revenues were not only realistic, but also reasonably challenging in the face of its significantly constrained fiscal space.
The President’s letter to the Senate President, Senator Ahmad Lawan reads, inter alia: “It is with pleasure that I hereby submit the 2020 – 2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate.
“Let me use this medium to express my gratitude for the much improved partnership between the legislative and the executive arms of the Federal government in our goal of making the budget process deliver better outcomes for the Nigerian people in particular.
“I note with further appreciation, the commitment and support that Distinguished Senators have continued to demonstrate. Pursuant to the provision of the fiscal responsibility Act 2007, the preparation towards the submission of the 2020 budget to the National Assembly is progressing well.
“Planned spending has been set at prudent and sustainable levels consistent with governments overall developmental objectives as set out in the Economic Recovery and Growth Plan (ERGP)”, he added.
The President stated further that given the executive arm and legislature’s shared objective of returning the budget to a predictable January – December fiscal year effective from 2020, the 2020/2022 FSP documents were forwarded to the lawmakers trusting that they will consider them extensively in order to facilitate the 2020 MTEF budget preparation.
