President Bola Tinubu has sought the approval of Senate for the 2024-2026 Medium Term Expenditure Framework (MTEF)and Fiscal Strategy Paper (FSP).
Tinubu’s request is contained in a letter addressed to President of Senate, Godswill Akpabio, and read at plenary on Tuesday.
“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 his enduring commitment to the partnership between the legislative and executive arms of government.
“Pursuant to the provisions of the Fiscal Responsibility Act, 2007 and preparations towards 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,” he said.
Tinubu added:“We are also faced with challenges in domestic revenue mobilisation and significantly elevated public debts.
“Additionally, many economies around the world have witnessed increased inflation with particular adverse effects on capital flows to emerging markets.
“In order to begin the process of preparing the 2024–2026 budget on schedule.
“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.”
Akpabio referred the MTEF and FSP to Committees on Finance, Appropriations, National Planning and Economic Affairs and Local and Foreign Debt for further legislative input.