The Senate has passed the revised Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sent to the National Assembly by President Muhammadu Buhari on Tuesday.
The MTEF and FSP, which are parameters on which yearly Appropriation Bills are predicated, were passed during the Senate plenary on Wednesday.
Buhari had increased the projected aggregate expenditure of the Federal Government for the 2022 fiscal year from N13.98 trillion to N16.45 trillion in the revised MTEF for 2022-2024.
However, the Senate approved N16.39 trillion as the Federal Government’s projected aggregate expenditure for year 2022, representing a reduction of N60billion from the N16.45trillion total expenditure proposed by the President.
President Muhammdu Buhari had in his letter requesting for a review of the 2022-2024 MTEF, explained that the needed adjustments were important to reflect “the new fiscal terms in the Petroleum Industry Act (PIA)”.
