The revised Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) which was sent to the National Assembly by President Muhammadu Buhari has been passed on Tuesday.
The revised MTEF/FSP provides the basic structure for the estimates and assumptions that underline the 2022 budget which Buhari will present to a joint session of the National Assembly on Thursday.
The President had increased the expenditure of the Federal Government for the 2022 fiscal year from N13.98 trillion to N16.45 trillion.
But the Senate approved N16.39trillion as Federal Government’s projected aggregate expenditure for year 2022.
Recall that the Senate, had on Sept. 22, approved the 2022-2024 MTEF/FSP pegging Benchmark oil price of US$ 57 per barrel.
Buhari’s letter reads in part: “It is with pleasure that I forward the revised 2022-2024 MTEF-FSP for the kind consideration and approval by the Distinguished Senate.
“The revision was necessitated by the need to reflect the new fiscal terms in the Petroleum Industry Act (PIA) 2021 as well as other critical expenditures in the 2022 budget.
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“The underline drivers of the 2022 fiscal projections such as oil price benchmark, oil production volume, exchange rate, GDP growth and inflation rate to reflect emerging realities and a micro economic outlook and remain unchanged as in previously approved 2022-2024 MTEF and the FSP.”
