The Speaker, House of Representatives, Mr Yakubu Dogara, on Tuesday acknowledged the receipt of the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) from President Muhammadu Buhari.
The News Agency of Nigeria (NAN) reports that the receipt came just as the lawmakers resumed from a two-week recess.
The transmission of the MTEF/FSP was encapsulated in the provisions of the Fiscal Responsibility Act, 2007.
The key assumptions proposed for 2019 Budget include: $60 oil price benchmark, 2.3 million barrels per day, $305/$1 exchange rate and 3.01 per cent GDP growth rate.
President Buhari, in the letter, solicited for the cooperation of the House toward fast-tracking the consideration and approval of the document.
NAN reports that the Federal Executive Council (FEC) had on Oct. 24, approved a budgetary proposal of N8.73 trillion for 2019 fiscal year, N400 billion lower than N9.12 trillion for 2018 fiscal year.
The revised 2018-2020 Medium Term, Expenditure Framework and Fiscal Strategy Paper was approved by the House on the Nov. 22, 2017.
According to the revised MTEF/FSP submitted by the Budget Office of the Federation, the fiscal deficit was reduced from N2.356 trillion (2.61%) to N2.005 trillion (1.77%) to be financed mainly by borrowing of N1.699 trillion.
The inflation rate was pegged at 12.42%, nominal revenue of N11.3 trillion and 3.5% growth rate for 2018 fiscal year.
NAN
