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NASS Approves MTEF, Set to Accelerate Work on 2018 Budget Passage

The National Assembly Tuesday passed the long awaited  2018-2020 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP). The Upper and lower Chamber in the MTEF documents passed raised the oil benchmark for the 2018 budget from the $45 per barrel as proposed by the Federal Government to $47 ‎while daily production was put at 2.3 million barrel per day, with exchange rate pegged at N305 to $1‎.

 

Our Correspondent Raliat Adenekan reports that this was done in seperate decision at Today's session after consideration and adoption of the report by its Joint Committee on Finance, Appropriations, and National Planning and Economic Affairs on the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper. The lawmakers also approved N5.279 trillion for non revenue oil in 2018, N1.6999 trillion for new borrowing for 2018.

 

In a related development, Senate passed for second reading the 2018 budget estimated at N8.612trillion and referred to the Appropriation committee and other sub-committees for further considerations and engagements with various MDAs to report back in 2weeks. President of the Senate, Bukola Saraki in his remarks charged the legislators to objectively review the planned expenditures and review the revenues in line with the main objectives of the budget. Saraki assured that not even a single minute would be wasted on side of the National Assembly in the course of getting the budget approved.

 

The upper chamber of the National Assembly also adjourned plenary to December 19, 2017, to allow the standing committees to hold budget defence sessions for federal ministries, departments and agencies.‎‎

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