Just in: Senate approves Buhari’s MTEF provisions for 2017 budget
The Nigerian Senate has approved the Medium Term Expenditure Framework (MTEF) of President Muhammadu Buhari’s executive arm of government in readiness for the passing of the 2017 budget.
The senators during plenary on Wednesday, January 18 approved all the recommendations of the report by the joint committees on Finance, Appropriations and National Planning on the MTEF and the Fiscal Strategy Paper (FSP) including projected revenue as well as exchange rate of N305 to a dollar.
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Deputy senate majority leader Bala Ibn Na'Allah said the MTEF report provides some flexibility towards the passage of the 2017 Budget.
But some senators like Tayo Alasoadura feel that the recommended $44.5/barrel benchmark in the MTEF should be reviewed while Senator Melaye said there was need for an improved procurement process and a rejig of the economic management team of the President.
Recall that the MTEF and FSP sent by the president had caused serious uproar in the Senate in 2016 with many lawmakers describing the document as empty and not properly prepared.
Source: Legit.ng
