President Muhammadu Buhari has
sent the 2019-2021 medium term expenditure framework (MTEF) and fiscal strategy
paper (FSP) to the national assembly for consideration.
In a letter attached to the
document, Buhari said the MTEF and FSP were prepared against the background of
“a generally uncertain economic environment as well as fiscal challenges in the
domestic economy”.
The president said the
preparation towards the submission of the 2019 budget to the national assembly
“is progressing well”.
“I write to submit the 2019
Medium Term Expenditure Framework (MTEF)
and Fiscal Strategy Paper (FSP) to the distinguished senate pursuant to
provisions of the fiscal responsibility act 2007,” he said.
“The preparation towards the
submission of the 2019 budget to the national assembly is progressing well, the
MTEF and FSP were prepared against the background of a generally uncertain
economic environment as well as fiscal challenges in the domestic economy to
ensure the [development of] sustainable levels and is consistent with overall
government developmental and inclusive growth.
“I hereby forward the 2019-2021
MTEF/FSP to this senate and trust that it will be considered in order to bring
the 2019 budget process to timely closure.”
On October 24, the federal
executive council (FEC) approved a budgetary proposal of N8.73 trillion for
2019 fiscal year. The proposal is N400 billion less than the 2018 budget.
Key assumptions being proposed
for 2019 budget include oil price benchmark of $60 dollars per barrel, oil
production of 2.3 million barrels per day, an exchange rate of N305/$1, and GDP
growth rate of 3.01 percent.
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