Barely twenty-four hours after receiving a copy of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) from President Muhammadu Buhari, the Senate resolved to pass the document, on Thursday.
President of the Senate, Ahmad Lawan read a letter attached to the document, on Tuesday.
A joint Committee of Finance, National Planning, Banking, Petroleum Upstream, Foreign and Local Debt, Petroleum Downstream and Gas was assigned to look at the 2022-2024 MTEF/FSP and submit its report, on Thursday.
Senator representing Lagos West, Solomon Adeola Olamilekan, who is Chairman Senate Committee on Finance will lead the joint Committee.
Investigation revealed that the Federal Executive Council last week approved the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) as required by the Fiscal Responsibility Act, projecting revenue generation of N6.54 trillion and N2.62 trillion to accrue to the Federation Account and VAT, respectively.
Addressing State House Correspondents, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said she presented a memo on behalf of the ministry to FEC with a 2022 projected revenue of N6.54 trillion and N2.62 trillion to accrue to the Federation Account and VAT, respectively.
She added that this revenue is projected to increase in 2023 to 9.15 trillion.
The Minister further disclosed that the MTF FSP describes the Federal Government’s socio-economic and developmental objectives and priorities for the reporting period of 2022 to 2024 as well as the fiscal strategies to be put in place, and policies to achieve in the priorities.
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