The Senate on Wednesday has announced the receipt of the Medium Term expenditure Framework and Fiscal Strategy Paper from President Muhammadu Buhari.
In a letter read on the floor during plenary and addressed to the President of the Senate, Ahmad Lawan, President Buhari commended the effort of lawmakers towards ensuring a cordial working relationship between the legislature and executive arms of government.
The letter reads: “It is with pleasure that I hereby submit the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate.
“Let me use this medium to express my gratitude for the much improved partnership between the legislative and the executive arms of the Federal government in our goal of making the budget process deliver better outcomes for the Nigerian people in particular.
“I note with further appreciation, the commitment and support that Distinguished Senators have continued to demonstrate. Pursuant to the provision of the fiscal responsibility Act 2007,the preparation towards the submission of the 2020 budget to the National Assembly is progressing well.
“The MTEF/FSP was prepared taking into account, key development of the global and domestic environments. We have endeavoured to ensure that forecasted revenues are realistic, but also reasonably challenging in the face of our significantly constrained fiscal space.
“Planned spending has been set at prudent and sustainable levels consistent with governments overall developmental objectives as set out in the Economic Recovery and Growth Plan (ERGP).
“Given our shared objective of returning the budget to a predictable January – December fiscal year, with effect from 2020,I hereby forward the 2020/2022 FSP to the Distinguished Senate and trust that it would be extensively considered in order to facilitate the 2020 MTEF budget preparation.”