President Muhammadu Buhari has communicated 2020 to 2022 Medium Term Expenditure Frame Work (MTEF) and Fiscal Strategy Paper (FSP) to the Senate.
The document which has long been awaited by the upper legislative chamber was acknowledged by the President of the Senate, Ahmad Lawan when he read the communication from the President Muhammadu Buhari to the Senate.
Buhari in his communication to the senate commended them for their cooperation in returning the budget cycle to January to December for more predictability by investors and budget performance.
The letter reads in part: “Pursuant to provision of the Fiscal Responsibility Act 2007 in preparation to the submission of the 2020 budget to the National Assembly is progressing well.
“The MTEF/FSP was prepared taking into account key developments in the global and domestic environments. We have endeavoured to ensure that forecasted revenue are realistic .”