President Muhammadu Buhari has sent the 2018-2020 Medium-Term Expenditure Framework (MTEF), and Fiscal Strategy Paper (FSP), to the Senate.
The submission of these documents typically precedes the presentation of the budget estimates to the National Assembly.
In a letter read by the Senate President, Bukola Saraki, on Thursday, Buhari said the MTEF and FSP were structured against the backdrop of “a generally adverse global economic uncertainty.”
“I am pleased to submit the 2018-2020 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate. Let me use this opportunity to express my gratitude for the enduring partnership between the legislative and executive arms of government,” the letter read.
“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 Senate and trust that it would be kindly considered and approved expeditiously in order to bring the 2018 FGN Budget preparation process to timely closure.” He said