By Henry Umoru
PRESIDENT Muhammadu Buhari has written to the Senate, seeking consideration and subsequent approval of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) as required by the Fiscal Responsibility Act.
President of the Senate, Ahmad Lawan read the letter from President yesterday during plenary.
The Senate has, however, set down the rules to enable the President of the Senate refer the communication to the appropriate committee.
Thereafter, Lawan referred the communication to the Joint Committees on Finance, National Planning, Banking, Insurance and other Financial institutions; Petroleum on Downstream, Upstream, Gas Resources and Foreign and Local Debts.
Accordingly, the President of the Senate then asked the committee to work on the document, so it could be considered and passed tomorrow.
Recall that the Federal Executive Council, FEC, had last Wednesday, approved the 2022-2024 MTEF/FSP as required by the Fiscal Responsibility Act, projecting revenue generation of N6.54 trillion and N2.62 trillion to accrue to the Federation Account and VAT respectively.
The council also authorised the funding of a N5.26 trillion budget deficit through external borrowings.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who briefed State House correspondents at the end of the meeting, had said she presented a memo on behalf of the ministry to FEC with a 2022 projected revenue of N6.54 trillion and N2.62 trillion to accrue to the Federation Account and VAT, respectively.
The Minister, who noted that this revenue is projected to increase in 2023 to 9.15 trillion, explained that the MTF/FSP described the Federal Government’s socio-economic and developmental objectives and priorities for the reporting period of 2022 to 2024 as well as the fiscal strategies to be put in place, and policies to achieve in the document.