By Christiana Ekpa
President Muhammadu Buhari yesterday forwarded the 2018-2020 Medium-Term ‘Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly for consideration and subsequent approval.
In a letter read at Thursday’s plenary, by the President of the Senate, Bukola Saraki, Buhari said the Medium-Term ‘Expenditure Framework (MTEF) and Fiscal Strategy Paper were prepared against the backdrop of a generally adverse global economic uncertainty as well as fiscal Challenges and recovery in the domestic economy.
Buhari explained that this is to ensure that planned spending is set at prudent and sustainable levels and is consistent with government’s overall developmental objectives and inclusive growth
It will be recalled that the Federal executive council in August had approved the 2018-2020 medium term expenditure framework MTEF and the fiscal strategy paper FSP.
The MTEF is annual, rolling three year-expenditure planning that sets out the medium-term expenditure priorities and hard budget constraints against which sectoral plans can be developed and refined towards providing the basis for annual budget planning.