The Senate on Wednesday passed a 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 are parameters on which yearly Appropriation Bills are predicated.
In the revised MTEF for 2022-2024, President Muhammadu Buhari had increased the projected aggregate expenditure of the Federal Government for the 2022 fiscal year from N13.98 trillion to N16.45 trillion.
However, the Senate approved N16.39trillion as 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)”.
In July, the Federal Executive Council (FEC) initially approved N13.98 trillion as proposed 2022 aggregate expenditure of the Federal Government prior to the passage of the PIA.