Tinubu urged the Senate to grant the MTEF/FSP approval to finalise the 2024 budget.
President Bola Ahmed Tinubu has transmitted the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for approval.
The documents were accompanied by a letter that was read by the Senate President, Godswill Akpabio at Tuesday’s plenary.
The letter reads, “I am pleased to submit the 2024 – 2026 Medium Term Expenditure Framework, MTEF and Fiscal Strategy Paper, FSP to the National Assembly.
Let me use this medium to express my gratitude to the Senate for its enduring commitment to the partnership between the legislative and executive arms of government.
Pursuant to the provisions of the Fiscal Responsibility Act, 2007, preparations towards the submission of the 2024 budget to the National Assembly is progressing very well.
The MTEF and the FSP were prepared against the backdrop of a political transition, as well as global issues such as the Russia and Ukraine war, which continues unabated with severe consequences on global and energy prices.
We are also faced with challenges in domestic revenue mobilisation and significantly elevated public debts.
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Additionally, many economies around the world have witnessed increased inflation within particular adverse effects on capital flows to emerging markets.”
To begin the process of preparing the 2024–2026 budget on schedule, Tinubu also asked the Senate to approve the FSP/MTEF with prompt consideration.
“I hereby forward the 2024 – 2026 MTEF and FSP to the National Assembly for their kind expeditious consideration and approval of the Senate in order to bring the 2024 Federal Government of Nigeria’s budget preparations process to timely closure.“
The Senate thereafter referred the MTEF/FSP to the committees on Finance, Appropriations, National Planning, and Economic Affairs, and the Committee on Local and Foreign Debts for immediate consideration.