•Proposes N6.8trn 2017 budget, N1.6trn for debt servicing
President Muhammadu Buhari, on Tuesday, laid the foundation for the 2017 budget as he submitted the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives.
The Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) is a working document that will prepare ground for the 2017 budget expected to be submitted to the National Assembly before the end of the year.
The President in a letter dated September 30, 2016 and addressed to the Speaker, House of Representatives, Honourable Yakubu Dogara, noted that the submission of MTEF/FSP was in compliance with the provisions of the Fiscal responsibility Act 2007.
According to him, the 2017-2019 MTEF/FSP articulates the Federal Government’s economic, social and development objectives, as well as the strategies for achieving defined objectives and priorities.
He added that the MTEF document was designed against the backdrop of generally adverse global economic environment as well as domestic challenges and domestic economy.
He said, “I hereby forward the 2017-2019 MTEF and FSP to the House of Representatives and trust that it will be considered and expeditiously approved so as to move the preparation of the 2017 Budget preparation forward.”
He also commended the partnership between the Legislature and Executive arms of government, particularly in the passage and implementation of the 2016 Budget.
He urged the lawmakers to consider and expeditiously approve the MTEF/FSP document, adding that it will move the preparation of the 2017 Budget forward.