TheCable

President Muhammadu Buhari has transmitted the 2022-2024 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) to the national assembly.

Femi Gbajabiamila, speaker of the house of representatives, announced during the plenary session on Thursday.

Budgets are predicated on the assumptions contained in the MTEF and FSP documents.

On Wednesday, the federal executive council (FEC) approved the MTEF/FSP with an aggregate of N13.98 trillion for the 2022 budget.

Zainab Ahmed, minister of finance, budget and national planning, had said the federal government’s projected budget deficit for 2022 is N5.62 trillion, up from N5.60 trillion in 2021.

In the letter accompanying the MTEF/FSP document, Buhari said he sent the document early so the federal lawmakers would have enough time to review it.

“It is with pleasure that I forward the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) for the kind consideration and approval of the House of Representatives,” the letter reads.

“Let me use this medium to express my deep gratitude for the enduring collaboration and commitment of the Leadership and Honourable Members in our collective efforts to sustain the restoration of the January December financial year.

“On our part, we have worked very hard to sustain the early submission of the MTEF&FSP. This is to allow the National Assembly sufficient time to perform its important statutory duty of reviewing the Framework and Strategy Paper.

“I herewith forward the 2022-2024 MTEF&FSP. As the 2022 Budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2022- 2024 MTEF&FSP, I seek the cooperation of the National Assembly for expeditious legislative action on the submission.”