President Bola Tinubu has sent the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper to the Senate for approval.
The request, contained in a letter to the upper chamber, was read by the President of the Senate, during plenary.
President Tinubu says the move is under sections of the Fiscal Responsibility Act 2007, in preparation for the submission of the 2024 budget to the National Assembly.
He says the MTEF and FSP were prepared against the backdrop of the political transition, as well as global issues, such as the Russia-Ukraine war, which continues unabated, with severe consequences for global food and energy crises.
He adds that the country is faced with the challenges of domestic revenue mobilisation, and significantly elevated public debt.
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The president stressed that many economies around the world have witnessed increased inflation with adverse effects on capital flow, due to emerging markets.
While expressing his gratitude to the Senate for its enduring commitment to the partnership between the legislative and executive arms of government, he asked for expeditious consideration and approval of the MTEF/FSP, in preparation for the 2024 budget process.
The request is referred to Senate Committees on Finance, Appropriation, National Planning, and Local and Foreign Debts, for immediate consideration.
(Editor: Ifeanyi Mark)
