President Muhammadu Buhari has forwarded the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to Senate for approval.
In a letter addressed to the Senate President Bukola Saraki and read on the floor on Tuesday, the President called for expeditious passage of the documents.
He said his request is in line with Fiscal Responsibility Act of 2007, adding that “preparation towards the submission of the 2017 budget to the National Assembly is progressing well”.
The Fiscal Responsibility Act requires the executive to prepare the MTEF/FSP and send it on to the National Assembly for their consideration. It is on this basis that the budget will be fashioned.
The government projected $42.5 per barrel and 2.2million barrel per day for crude oil production, despite the volatility in global oil prices, as well as $45bpb and $50bpb respectively for 2018 and 2019 with oil production benchmark of 2.3million and 2.4million barrels per day for the same period.
Data from the National Bureau of Statistics (NBS) showed Nigeria’s real Gross Domestic Product (GDP) growth rate declined to -0.36 percent in the first quarter of 2016 in contrast to 2.11 per cent in Q4 of 2015, placing the country on economic recession.
