Senate Begins Debate On 2017 MTEF/FSP Tuesday ….. Tribune

THE Senate will, tomorrow, kick off its debate on the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), preparatory to the receipt of the N6.9 trillion 2017 budget.

The National Assembly had, on October 4, received the 2017 to 2019 MTEF/FSP, a precursor to the annual budget of the federation.

Insiders in the Senate said the lawmakers would commence the debate on the document tomorrow, preparatory to its passage in readiness for the submission of the 2017 budget.

The adoption of the MTEF/FSP is a pre-condition for the submission and passage of the annual budget in the National Assembly, in line with the Fiscal Responsibility Act 2007.

The 2017 to 2019 MTEF/FSP provides the framework for the 2017 budget, including the parametres and assumptions.

A statement from the media office of the Senate President also indicated on Sunday that the lawmakers would kickstart the debate on the strategic document and fast-rack its consideration and passage, so as to pave the way for the submission of 2017 Appropriation to the National Assembly.

The document had pegged oil benchmark at $42.5 per barrel at an estimated 2.2 million barrels per day.

The Federal Government also estimated that it would earn N7.775 trillion as revenue from oil sales in the New Year.