PRESIDENT Muhammadu Buhari, yesterday, forwarded the 2017, 2018 and 2019 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF & FSP to the National Assembly for approval as he projected a total budget of N6,866,335,052,740 for 2017.
In a letter dated Friday, September 30, 2016, personally signed by the President and addressed separately to both the Senate President, Bukola Saraki, and House of Representatives Speaker, Yakubu Dogara, Buhari said with the submission of the fiscal documents, the preparation for next year’s budget was in progress.
The letter accompanying the document was read by the Speaker of the House of Representatives, Yakubu Dogara, at plenary.
The letter stated that the document would provide the framework for the development of 2017 budget.
It said that MTEF and FSP were designed against the backdrop of an adverse global economic environment.
Buhari said, “the MTEF and FSP, which would provide the framework for the development of the 2017 budget, were designed against the backdrop of a generally adverse global economic environment.
“It is also to address fiscal challenges in the domestic economy.
“In this regard, the 2017-2019 MTEF and FSP articulates the Federal Government’s economic, social and developmental objectives as well as the strategies for achieving these defined objectives and priorities.
“I hereby forward the 2017-2019 MTEF and FSP to the House of Representatives and trust that it would be kindly considered and expeditiously approved so as to move the 2017 federal budget preparation process forward.”
Meanwhile, the federal government has highlighted programmes to boost the economy to cushion the effects of recession.