The Speaker of the House of Representatives, Femi Gbajabiamila, announced at the plenary session on Thursday, that President Muhammadu Buhari has transmitted the 2022-2024 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) to the National Assembly.
Budgets are hinged on the assumptions contained in the MTEF and FSP documents.
BizWatch Nigeria recalls that the Federal Executive granted approval to the MTEF/FSP on Wednesday, with an aggregate of N13.98 trillion for the 2022 budget.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that the federal government’s projected budget deficit for 2022 is N5.62 trillion, up from N5.60 trillion in 2021.
President Muhammadu Buhari stated in an accompanying letter to the legislature that he sent the document early to enable the lawmakers to have sufficient time to review the MTEF/FSP document.
“It is with pleasure that I forward the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) for the kind consideration and approval of the House of Representatives,” the letter reads.
“Let me use this medium to express my deep gratitude for the enduring collaboration and commitment of the Leadership and Honourable Members in our collective efforts to sustain the restoration of the January December financial year.
“On our part, we have worked very hard to sustain the early submission of the MTEF&FSP. This is to allow the National Assembly sufficient time to perform its important statutory duty of reviewing the Framework and Strategy Paper.
“I herewith forward the 2022-2024 MTEF&FSP. As the 2022 Budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2022- 2024 MTEF&FSP, I seek the cooperation of the National Assembly for expeditious legislative action on the submission.”