President Muhammadu Buhari Tuesday forwarded the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration and approval.
A memo from the Executive containing the fiscal document was read by Senate President Abubakar Bukola Saraki on the floor of the Senate Tuesday.
The MTEF and FSP lay the framework for the 2017 budget, which members of the National Assembly are expected to debate and approve to pave the way for the presentation of the budget by the president.
President Buhari in the memo, said that he is pleased to submit the 2017-2019 MTEF and FSP to the National Assembly.
The memo read in part, “Let me use this medium to express my gratitude for the enduring partnership between the legislative and the executive arms of government.
“In particular, I note with appreciation the commitment and support that distinguished senators have continued to demonstrate with respect to the preparation, passage and implementation of the federal budget.
“Pursuant to provisions of the Fiscal Responsibility Act of 2007, the preparation towards the submission of the 2017 budget to the National Assembly is progressing well.
“The MTEF and FSP which provides the framework for the development of the 2017 budget was designed against the backdrop of a generally advanced global economic environment as well as fiscal challenges in domestic economy.
“In this regard the 2017-2019 MTEF and FSP articulates the Federal Government economic, socio and developmental objectives as well as the strategies for achieving this divine objectives and priorities.
“I hereby forward the 2017-2019 MTEF and FSP to the distinguished Senate and trust that it will be kindly considered expeditiously and approved so as to move the 2017 Federal Budget process forward”.