The House of representatives has approved an aggregate expenditure of N16.39 trillion for the 2020 fiscal year, with the endorsement of President Muhammadu Buhari’s revised 2020-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.
Carrying out the endorsement at the committee of supply on Wednesday, the House also retained N10.3 trillion as federal government revenue target for the 2022 fiscal year, as well as N635.4 billion fiscal deficit for the next year.
The approvals followed the consideration of the report of the Committee on Finance on the revised Federal Government of Nigeria 2022–2024 Medium Term Expenditure Frame Work (MTEF) and Fiscal Strategy Paper (FSP), as the House commended the Budget Office of the Federation and Federal Ministry of Finance, Budget and National Planning, for insisting that Ministries Department and Agencies (MDAs) submit their revenue profile as premise for being captured in the 2022 budget proposal.
President Buhari had through a letter dated 2nd October, 2021 formally requested for the review of the 2022-2024 Medium-Term Fiscal Framework’, with a view to increase the 2022 budget estimates from N13.98 trillion to N16.45 trillion.
According to Mr. President, the proposed revised 2022-2024 Medium Term Fiscal Framework 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.”
President Buhari is expected to lay the 2022 budget estimates before the joint session of the National Assembly on Thursday, 7th October, 2021 by 12noon, as he communicated request for the time in a letter read out to members at plenary on Wednesday.
