Home / News / Politics / 2018 Budget: Buhari sends MTEF to Reps for consideration

2018 Budget: Buhari sends MTEF to Reps for consideration

Spread the love

By Joshua Egbodo




President Muhammadu Buhari has forwarded the 2018-2020 Medium Term Expenditure Framework (MTEF), and Fiscal Strategy Paper (FSP) for the consideration of the House of Representatives in preparation for the 2018 budget.
The Fiscal Responsibility Act of 2007 requires the President to send in the MTEF/FSP for the approval of the National Assembly, upon which the coming year’s budget estimates are predicated.
Buhari, in the letter conveying the transmission, dated October 9, 2017, and addressed to Speaker of the House of Representatives, Hon. Yakubu Dogara, said “the MTEF and FSP were prepared against the backdrop of a generally adverse global economic uncertainty, as well as fiscal challenges and recovery in the domestic economy to ensure that planned spending is set at prudent and sustainable levels.
” While stressing that the proposals had also been designed to be in consistence with government’s overall developmental objectives and inclusive growth, the President noted that he trusted “it would be kindly considered and approved expeditiously in order to bring the 2018 FGN budget preparatory process to early closure.
” Though details of the MTEF and FSP were not immediately available, it would be recalled that The Federal Executive Council had, in August, approved the document.
“In terms of crude oil production, our projection for next year (2018) is 2.3 million barrel per day.
We expect it to be broken down as 1.8m b/d regularly crude and then 500k b/d in terms of condensates and the price that we projected for next year is $45 a barrel,” the Minister of National Planning, Udoma Udo Udoma, had explained some projections in the MTEF.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *



Check Also

Yahaya Bello Executive Governor of Kogi State 1 - Kogi rally: PDP accuses Bello of wasting N2bn

Kogi rally: PDP accuses Bello of wasting N2bn

Spread the loveTweetKogi State chapter of the Peoples’ Democratic Party (PDP) has raised alarm over the stupendous amount it claimed the ruling All Progressives Congress (APC) in the government wasted N2bn on a ‘Kangaroo’ rally, last Saturday in Lokoja. The State PDP, Director Research and Documentation, Achadu Dickson, made the claim in a statement yesterday, stressing that the mega rally organised by Gov Yahaya Bello as a colossal waste of the state meagre resources. The party alleged that lavishing N2 billion on a rally when 22 months of salaries and pensions arrears were to yet to be paid clearly showed not just lack of vision but shows that the government is wicked, callous, inhuman and insensitive to the plight of Kogites. “Spending of a whooping N2billion tax payers fund to organise a rally that is of no significance to the lives and well-being of Kogi People is disheartening and a glaring show of man’s inhumanity against man. “We wondered why Governor Bello would dole out N750, 000 per polling unit in mobilization, while council administrators were also directed to mobilize 500 persons at N5000 per person when INEC has not announced the commencement of political activities”, the party said. The ...