Buhari submits 2020-2022 budget plan to Senate
PRESIDENT Muhammadu Buhari has submitted to the Senate the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to facilitate budget preparation by 2020.
The proposed budget expenditure amounting to N9.79 trillion was disclosed by the Senate President, Ahmad Lawan, upon the resumption of plenary on Wednesday.
The president said the 2020-2022 FSP should be considered a framework to facilitate the 2020 MTEF budget preparation.
Buhari noted that the key developments of the global and domestic environments were taken into consideration in the preparation of the MTEF/FSP.
According to the paper, the government has ensured that the projected revenues were not only realistic but also reasonably challenging in the face of its significantly constrained fiscal space.
It noted that 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).
The president in the letter appreciated the commitment and support of the legislators, stating that the preparation towards the submission of the 2020 budget to the National Assembly was progressive.
The current 2019-2021 MTEF/FSP is considered a government investment programme used for linking policy, planning and budgeting over a medium-term.
The MTEF/FSP consists of the macroeconomic model that indicates estimates of revenues and expenditures, fiscal targets, risks as well as government financial obligations, which has established a credible basis for allocating public resources to strategic priorities, and ensuring overall fiscal discipline.