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Buhari submits 2021-2023 MTEF/FSP to NASS

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CSO hails Buhari, military over gains recorded in fight against insurgents
President Muhammadu Buhari

…As FG proposes N12.66trn budget

…Deficit of N5.16trn; loan N4.28trn

By Henry Umoru

PRESIDENT Muhammadu Buhari yesterday submitted to the Senate the 2021-2023 Medium Term Expenditure Frame Work, MTEF, and Fiscal Strategy Paper, FSP, for scrutiny and subsequent approval.

President Buhari’s letter  was read yesterday by the President of the Senate, Senator Ahmad Lawan

Buhari’s letter read:  “It is with  pleasure  that I forward the 2021/2023 MTEF/FSP for the kind  consideration and approval of this distinguish Senate.

“Let me cease this opportunity  to express my deep gratitude  for  the cooperation and support of the  distinguished  members of the senate in our collective  efforts  to sustain  the restoration of the  January to December  financial  year.

“In line with  our  commitment, we have worked  very  hard  to archive  an earlier  submissions  of the MTEF/FSP .

“This  is to allow  the National  Assembly  to have  time to perform  its  important  constitutional  duty of reviewing  the frame work.

“I herewith  forward  the  2021-2023 MTEL/FSP as the  2021 budget  of the Federal  Government will be prepared  based  on the parameters  and fiscal  assumptions  of the approved 2021-2023   MTEL/FSP.

“I seek the cooperation  of the National  Assembly  for  expeditious  Legislative  action on the submission.”

READ ALSO: 2021: FEC okays N12.66trn budget proposal

Meanwhile in the document, the federal government has proposed the sum of N12.66trillion as aggregate expenditure for 2021 on a deficit of N5.16trillion  to be financed by total loan packages of N4.28trillion .

The proposals, as contained in the 2021- 2023 MTEF) and FSP, targets N481.41billion as statutory transfers , N5.75trillion as recurrent expenditure,  N3.33trillion for capital expenditure and N3.12 trillion for debt servicing .“According to the documents, critical parameters and assumptions upon which the proposals are based as contained in the documents acknowledged by the President of the Senate , Ahmad Lawan , are $40 as oil price benchmark, 1.86million barrels as oil production per day ,  N360 to US dollar as exchange rate etc.

Also included are N500billion  intervention fund against COVID-19 pandemic , N52billion for Public Works Programme , N32.46billion for Social Intervention Programme , N5billion as bail out for the Aviation sector, N60billion for maintenance of roads through direct labour across the six geo- political zones etc.

In the proposal, aside from the N4.28trillion, the FG, as proposed in the documents, targets the sums  of N205.15billion from privatization proceeds to fund the budget.

Vanguard

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