President Bola Ahmed Tinubu has yet to transmit the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP) in contravention of the provisions of the Fiscal Responsibility Act, 2007.
MTEF is a multi-year (3-year) budget structure that provides details of the historical performance of budget forecasts for the macroeconomic aggregates of real and nominal GDP, as well as estimates of government revenues and expenditures.
The Fiscal Strategy Paper also presents a number of economic forecasts and projections and key underlying assumptions, as well as the government’s medium-term outlook.
Section 11(a & b) of the Fiscal Responsibility Act, 2007 provides that: “The Federal Government, after consultation with the States, shall (1) a. not later than six months from the commencement of this Act, cause to be prepared and laid before the National Assembly, for their consideration, a Medium-Term Expenditure Framework for the next three financial years; and Thereafter, not later than four months before the commencement of the next financial year, cause to be prepared a Medium-Term Expenditure Framework for the next three financial years.”
Section 11(2) further stipulates that “the framework so laid shall be considered for approval with such modifications, if any, as the National Assembly finds appropriate by a resolution of each House of the National Assembly.”
Section 18 further provides that, “Notwithstanding anything to the contrary contained in this Act or any other law, the Medium-Term Expenditure Framework shall: (1) be the basis for the preparation of the estimates of revenue and expenditure required to be prepared and laid before the National Assembly under Section 81 (1) of the Constitution.
(2) The sectoral and compositional distribution of the estimates of expenditure referred to in subsection (1) of this section shall be consistent with the medium-term developmental priorities set out in the Medium-Term Expenditure Framework.”
Section 19 also stipulates that “the estimates of revenue and expenditure (in this Act referred to as the ‘Annual Budget’) shall be accompanied by: (a) a copy of the underlying revenue and expenditure profile for the next two years; (b) a report setting out actual and budgeted revenue and expenditure and a detailed analysis of the performance of the budget for the 18 months up to June of the preceding financial year; (c) a revenue framework broken down into monthly collection targets prepared on the basis of the predetermined reference commodity price as contained in the Medium-Term Expenditure Framework.”
The development may hinder the presentation of the 2024 Appropriation Bill to the joint session of the 10th Assembly.
Recall that the 9th Assembly had successfully achieved a January/December budget cycle.
The Speaker of the House of Representatives, Hon. Tajudeen Abbas, hinted on September 26, 2023, that Mr President would transmit the 2023 supplementary budget as well as the 2024 budget proposals to the National Assembly for consideration.
He said: “In the coming days, the executive arm of government is expected to present a 2023 Supplementary Appropriation Bill as well as the 2024 Appropriation Bill to this Honourable House.
“It is expected that the time to consider these bills will be short, but we must roll up our sleeves and get to work immediately to ensure the speedy consideration of the bills that will encapsulate the yearnings of the people.
“While we will maintain the tradition established by the 9th House in terms of speedy consideration of the appropriation bills, we must diligently consider the bills to ensure that they meet the needs of our constituents.
“We have to put in extra work hours to ensure that the budget is passed in good time to enable its implementation from the first day of 2024,” the Speaker urged.”
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