The Senate, yesterday, passed a revised version of the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, which reduced the 2022 budget size by N60 billion.
The MTEF and FSP are parameters on which any budget is framed.
The passage came on a day President Muhammadu Buhari wrote the Senate, informing it of its intention to present the budget before the joint sitting of the National Assembly at noon today.
In the revised MTEF, President Buhari jerked up the total expenditure of the federal government in the 2022 fiscal year to N16.45 trillion, explaining that the needed adjustments were important to reflect the new fiscal terms in the Petroleum Industry Act, PIA.
The Federal Executive Council, FEC, had in July, approved N13.98 trillion for the proposed 2022 budget sum before the PIA was passed.
After working on Buhari’s request, the Senate Committee on Finance, led by Olamilekan Adeola, APC, Lagos West, pegged the federal government’s total expenditure at N16.39 trillion, reducing what the President sent by N60 billion.
While Buhari had pegged the fiscal deficit at N692.0 billion, the senate put it at N635.4 billion.
The senate fixed the retained revenue of the federal government at N10.3 trillion, but the president sent the sum of N10.13 trillion for approval.
The upper legislative chamber retained the provisions of N100 billion to the Independent National Electoral Commission, INEC, for the 2023 polls and N54 billion for the National Agency for Science and Engineering Infrastructure, NASENI.
“The budget office of the federation leveraged the senate and house committees on finance recommendation that all revenue generating agencies must remit their revenue to the Consolidated Revenue Fund, CRF.
“Or they will not be captured in the 2022 budget proposal,” Solomon Adeola, chairman of the finance committee, said.
The budget size was reduced after recommendations in a report presented by Adeola were passed.
Meanwhile, President Buhari has written to the National Assembly, informing both the Senate and the House of Representatives that he will present the 2022 Appropriation Bill at noon today.
The presentation of the Appropriation Bill will be made during a joint session of both chambers. President Buhari made this known in a letter read at yesterday’s plenary by the President of the Senate, Ahmad Lawan.
The letter, titled “Presentation of 2022 Appropriation Bill”, read: “May I crave the kind indulgence of the Distinguished Senate to grant me the a lot of 12:00 hours on Thursday, October 7, 2021, to formally present the 2022 Appropriation Bill to the joint session of the National Assembly.
“Please, accept, Distinguished Senate President, the assurances of my highest regards, as I look forward to addressing the joint session.”
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