Ahead of the 2024 budget presentation, President Bola Tinubu has forwarded to both chambers of the National Assembly, the 2024 – 2026 Medium Term Expenditure Frame Work and Fiscal Strategy Paper ( FSP).
The requests were read in plenary at both chambers by the President of the Senate, Godswill Akpabio and Speaker of the House of Representatives, Hon Tajudeen Abbas, respectively.
The letter as read in the Senate by Akpabio 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 provisions of the Fiscal Responsibility Act, 2007, preparations toward submission of the 2024 Budget to the National Assembly are progressing well.
“The MTEF and 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 implications on global food and energy prices. We are also faced with challenges in domestic revenue mobilization and significantly elevated public debt.
“Additionally, many economies around the world, have witnessed increased inflation, with particularly adverse impact on capital flows to emerging markets.
“ I hereby forward the 2024-2026 MTEF and FSP to the National Assembly, for the kind expeditious consideration and approval of the House of Representatives to bring the 2024 FGN Budget preparation process to timely closure”.
The Senate accordingly mandated its committees on Finance, Appropriations, National Planning, Foreign and Local Debts, to carry out thorough scrutiny of the projections and report back as soon as possible.