President Tinubu addresses the challenges and global factors influencing Nigeria's fiscal framework in the 2024-2026 Medium Term Expenditure Framework.
President Bola Tinubu has formally presented the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly. In a letter directed to the Senate, he expressed his appreciation for the steadfast dedication of both the legislative and executive branches in fostering cooperation for the nation's progress.
The submission adheres to the stipulations of the Fiscal Responsibility Act of 2007, as preparations for the 2024 budget are advancing smoothly. President Tinubu emphasized that the formulation of the MTEF and FSP took into account the ongoing political transition and significant global events, notably the Russia-Ukraine conflict, which continues to have far-reaching implications on the world stage and energy prices.
Furthermore, President Tinubu acknowledged the hurdles faced in domestic revenue generation and the notable rise in public debts. He pointed out the surge in inflation experienced by economies worldwide, with specific repercussions on capital flows to emerging markets.
To ensure the timely commencement of the 2024-2026 budget preparation process, President Tinubu has submitted the MTEF and FSP to the National Assembly. He urged the Senate to deliberate on and promptly approve these crucial documents, enabling the Federal Government to conclude the 2024 budget preparations in a timely manner.
The letter reads:
“I am pleased to submit the 2024 – 2026 Medium Term Expenditure Framework, MTEF and Fiscal Strategy Paper, FSP to the National Assembly.
“Let me use this medium to express my gratitude to the Senate for his enduring commitment to the partnership between the legislative and executive arms of government.
“Pursuant to the provisions of the Fiscal Responsibility Act, 2007 and preparations towards submission of the 2024 budget to the National Assembly is progressing very well.
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“The MTEF and the FSP were prepared against the backdrop of a political transition, as well as global issues such as the Russia and Ukraine war, which continues unabated with severe consequences on global and energy price”.
Tinubu added: “We are also faced with challenges in domestic revenue mobilisation and significantly elevated public debts.
“Additionally, many economies around the world have witnessed increased inflation with in particular adverse effects on capital flows to emerging markets.
“In order to begin the process of preparing the 2024–2026 budget on schedule.
“I hereby forward the 2024 – 2026 MTEF and FSP to the National Assembly for their kind expeditious consideration and approval of the Senate in order to bring the 2024 Federal Government of Nigeria’s budget preparations process to timely closure.”
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