By: Sunny Anderson Osiebe.
In line with its
resolve to prioritize all economic bills as a way out of the current
recession, the Senate will on Tuesday commence debate on the 2017-2019
Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted for its approval by President Muhammadu Buhari on Tuesday October 4, 2016.
The MTEF and FSP provides the framework for the 2017 budget. The early listing of the MTEF/FSP for debate in Senate, shortly after
it was laid before both chambers of the National Assembly, according
to a statement from the Media Office of the Senate President, is to
fast-rack its consideration and passage so as to pave the
way for the Executive to present the 2017 Appropriation Bill before the
National Assembly.
Ahead of the commencement of debate on Tuesday, the Senate is expected
to hold its second interactive session with Civil Society Organizations
(CSOs) on the nation's budgeting system on Monday barring any last
minute change.
Senate President, Dr.
Abubakar Bukola Saraki, had on Thursday said the Red Chamber would
commence debate on the MTEF/FSP in order to ensure it is given
expeditious passage in line with its economic revival
agenda.
Some of the fiscal
projections in the 2017 - 2019 MTEF/FSP expected to engage the
lawmakers' attention during the debate include the proposed 2017 crude
oil benchmark of $42.5 per barrel, up from $30 in
the 2016 budget and the estimated N7.775 trillion as revenue to be
generated from the oil resources considering the $42.5 per barrel
benchmark and an estimated 2.2 million barrel per day oil production.
According to the
statement: "The commencement of debate on the MTEF/FSP this week
underscores the commitment of the Senate and signposts the desire of the
Upper Chamber and by extension the National Assembly
to ensure that all economic bills are conscientiously considered and
passed as a way of boosting the economic revival policies and programmes
of the present administration.
"The Senate believes
that the quick consideration and approval of the MTEF/FSP to pave way
for the laying of the 2017 budget would enable the National Assembly to
consider the 2017 money bill and pass
it so that the budget cycle can commence normally next year.
The implementation of
the 2017 budget can start in earnest in January if the budget is laid
on schedule, considered and passed by the National Assembly. Therefore,
the Senate has decided to give attention
to the MTEF/FSP so as to correct some of the delays of the past which
often impacted negatively on the full implementation of the budget," it
said.
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