President Muhammadu Buhari on Tuesday forwarded the 2018-2020 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives.
Buhari, in a letter read by Speaker Yakubu Dogara, said he was sending the documents preparatory to the presentation of the 2018 budget proposal.
He explained in the letter that both the MTEF and FSP, which were kept out of the view and reach oh journalists, were structured against the backdrop of “a generally adverse global economic uncertainty”.
“I am pleased to submit the 2018-2020 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives let me use this opportunity to express my gratitude for the enduring partnership between the legislative and executive arms of government.
“Pursuant to provisions of the Fiscal Responsibility Act, 2007,the preparation towards the submission of the 2018 budget to the National Assembly is progressing well,” the letter read.
The MTEF and FSP were prepared against the backdrop of a generally adverse global economic uncertainty as well as fiscal challenges and recovery in the domestic economy to ensure that planned spending is set at prudent and sustainable levels and is consistent with government’s overall developmental objectives and inclusive growth.
“I hereby forward the 2018-2020 MTEF and FSP to the House of Representatives and trust that it would be kindly considered and approved expeditiously in order to bring the 2018 FGN Budget preparation process to timely closure”, the presidential communication stated.