Sceptic over global economic outlook, Buhari sends MTEF, FSP letter to Reps

Nigeria’s House of Representatives has received and read on the floor of the House, a formal letter from President Muhammadu Buhari, conveying the 2018-2020 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

President Buhari in the letter which was read by Speaker Yakubu Dogara, said that he sent the documents to the lawmakers in preparation of 2018 budget proposal.

He added that the MTEF and FSP were planned against the backdrop of a generally unpleasant global economic improbability.

“I am pleased to submit the 2018-2020 MTEF and FSP to the House of Representatives. Let me use this opportunity to express my gratitude for the enduring partnership between the legislative and executive arms of government.

“Pursuant to provisions of the fiscal responsibility Act, 2007, the preparation towards the submission of the 2018 budget to the national assembly is progressing well.

“The MTEF and FSP were prepared against the backdrop of a generally adverse global economic uncertainty as well as fiscal challenges and recovery in the domestic economy to ensure that planned spending is set at prudent and sustainable levels and is consistent with government’s overall developmental objectives and inclusive growth.

“I, hereby, forward the 2018-2020 MTEF and FSP to the House of Representatives and trust that it would be kindly considered and approved expeditiously in order to bring the 2018 FGN Budget preparation process to timely closure,” the letter read.

Meanwhile, it was not clear if the letter was also sent to the Senate as it has not yet been mentioned nor read at the floor of the Senate.

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