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President Muhammadu Buhari has sent the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the National Assembly.
Speaker of the House of Representatives, Femi Gbajabiamila disclosed this at the beginning of Tuesday’s plenary while reading a letter from the President.
Buhari in the letter said the earlier submission of the MTEF/FSP is to enable the legislature perform its constitutional duties and commended the 9th Assembly for the reversal to the January – December budget cycle.
The Medium Term Expenditure Framework (MTEF) sets out three-year spending plans of the Federal government. It aims to ensure that budgets reflect Government’s social and economic priorities and give substance to Government’s reconstruction and development commitments.
The Federal Executive Council (FEC) last week, approved the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) with N12.66 trillion spending projection for each of the three fiscal years.