President Bola Ahmed Tinubu has formally transmitted the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly for legislative scrutiny.
President Tinubu, in separate letters dated 27th October 2023 and sent to the Senate President, Senator God’s will Akpabio and Speaker of the House of Representatives, Hon Tajudeen Abbas, solicited for expedited consideration and passage of the 3-year financial plan.
According to Mr President, the approval of the National Assembly will help to bring the 2024 Federal Government of Nigeria’s budget preparation process to a timely closure.
The copy of the letter addressed to the Speaker read in part: “I am pleased to submit the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly.
“Let me use this medium to express my gratitude to the House of Representatives for its enduring commitment to the partnership between the Legislative and Executive arms of government.
“Pursuant to provisions of the Fiscal Responsibility Act, 2007, preparations toward submission of the 2024 Budget to the National Assembly is progressing well.
“The MTEF and FSP were prepared against the backdrop of a political transition, as well as global issues such as the Russia and Ukraine war which continues unabated with severe implications on global food and energy prices.
“We are also faced with challenges in domestic revenue mobilization and significantly elevated public debt.
“Additionally, many economies around the world, have witnessed increased inflation, with particularly adverse impact on capital flows to emerging markets.
“I hereby forward the 2024-2026 MTEF and FSP to the National Assembly, for the kind expeditious consideration and approval of the House of Representatives in order to bring the 2024 FGN Budget preparation process to timely closure.”
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