Buhari Sends 3-year Spending Plan To NASS, Plans N6.812tn Budget For 2017
Posted On Oct 5, 2016
President Muhammadu Buhari on Tuesday sent the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), ahead of the 2017 budget, to the National Assembly.
A letter accompanying the document was read by the Speaker of the House of Representatives, Yakubu Dogara, at plenary.
The letter said that the document would provide the framework for the development of 2017 budget which the government estimated to be N6.812tn.
The proposed N6.812tn 2017 budget is about 13.3 per cent or N806bn above the N6.06tn budgeted for 2016.
It said that MTEF and FSP were designed against the backdrop of an adverse global economic environment.
In the letter, Mr. Buhari said, “the MTEF and FSP, which would provide the framework for the development of the 2017 budget, were designed against the backdrop of a generally adverse global economic environment.
“It is also to address fiscal challenges in the domestic economy.
“In this regard, the 2017-2019 MTEF and FSP articulates the Federal Government’s economic, social and developmental objectives as well as the strategies for achieving these defined objectives and priorities.
“I hereby forward the 2017-2019 MTEF and FSP to the House of Representatives and trust that it would be kindly considered and expeditiously approved so as to move the 2017 federal budget preparation process forward.”
He explained that he was complying with the provisions of the Fiscal Responsibility Act 2007, adding that his action meant that the details of the 2017 budget would soon be laid before the legislature.