The Senate has approved President Muhammadu Buhari’s revised submission of the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The MTEF and FSP are parameters on which yearly Appropriation Bills are predicated. The revised submission was received and referred to the Committee on Finance on Tuesday for expeditious consideration ahead of Thursday’s budget presentation to the National Assembly by President Buhari. In the revised MTEF President Buhari pushed up the projected aggregate expenditure of the federal government for the 2022 fiscal year from N13.98 trillion to N16.45 trillion. President Buhari had explained that the needed adjustments were necessary to reflect “the new fiscal terms in the Petroleum Industry Act (PIA).” The Senate in its recommendation, however, approved N16.39trillion as FG’s projected aggregate expenditure for the year 2022, representing a reduction of N60billion from the N16.45trillion total expenditure proposed by the President.
The approval followed the consideration of a report by the Committee on Finance.
In July, the federal executive council (FEC) had approved N13.98 trillion for the proposed 2022 budget sum before the PIA was passed.
After working on Buhari’s request, the senate committee on finance pegged the federal government’s total expenditure at N16.39 trillion, reducing what the president sent by N60 billion.