President Muhammdu Buhari, on Tuesday, presented the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate for consideration and approval.
Buhari in a letter read by Senate President Ahmad Lawan on floor said the submission of the MTEF/FSP was to allow lawmakers ample time to consider and pass the 2022 budget in December in order to meet up with the January-December budget circle.
Lawan said that the upper Chamber would consider and approve the report on Thursday to enable the executive commence work on the 2022 Appropriations Bill.
He gave the Senate Joint Committee on Finance National Planning, Foreign and Local Debt, Banking, Insurance and other Financial Institutions, Petroleum (Downstream) 24 hours to complete work on the report and submit it for consideration and approval on Thursday.
Buhari in the letter commended the upper chamber for its commitment towards sustaining the restoration of the January to December financial timeline under the ninth National Assembly.
While seeking the expeditious consideration of the request, the President insisted that its timely passage would facilitate the early preparation of the 2022 budget based on approved parameters by the upper chamber.
The letter titled: “Submission of the Federal Government of Nigeria 2022 – 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper” reads: “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 distinguished Senate.
“Let me use this medium to express my deep gratitude for the enduring collaboration and commitment of the leadership and distinguished Senators in our collective efforts to sustain the restoration of the January to 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.”