By Henry Umoru & Levinus Nwabughiogu
ABUJA—PRESIDENT Muhammadu Buhari yesterday sent the 2019-2021 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, to the two arms of the National Assembly.
The President in a letter addressed to president of the Senate, Bukola Saraki, which content was read to senators at plenary, said work on the 2019 budget was progressing very well, adding that it would soon be forwarded to the Senate.
The letter read: “I write to submit the 2019-2021 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, to the distinguished Senate pursuant to 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 and FSP were prepared against the background of a generally uncertain economic environment as well as fiscal challenges in the domestic economy to ensure that planned spending is set at sustainable levels and is consistent with overall government developmental and inclusive growth.
“I hereby forward the 2019-2021 MTEF/FSP to this Senate and trust that it will be considered to bring the 2019 budget process to timely closure. Please accept, the distinguished Senate, the assurances of my highest consideration.”
In the House of Representatives, the speaker, Yakubu Dogara, also acknowledged receipt of the document which he read to the members.