.Transmits 2024-2026 MTEF, FSP Request To Red Chamber
President Bola Tinubu on Tuesday asked the Senate to approve the sum of Two Trillion, One Hundred and Seventy Six Billion, Seven Hundred and Ninety One Million, Two Hundred and Fifty Six Thousand, and Thirty Three Naira (N 2, 176, 791, 256, 33) to cater for salary increase for public servants, and the Enhanced Cash Transfer Programme.
The request was contained in a letter seeking the Senate’s approval for a 2023 Supplementary Budget.
In the letter which was read during plenary by the Senate President, Godswill Akpabio, President Tinubu disclosed that the additional funds “is urgently required to provide for peace and the security of lives and property, without which the government’s economic growth agenda cannot be achieved.”
Similarly, critical investments are also required to construct much needed infrastructure, particularly roads, which projects must be commenced with the (dry season) period, now and the end of the year.”
The President had earlier signed Eight Hundred and Nineteen Billion, Five Hundred Million Naira (N 819, 500, 000, 000) to cover for the 2023 Supplementary Appropriation Bill.
He explained that the fiscal provision was to cushion the impact of recent critical economic policy decisions of the federal government.
He further transmitted the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration.
Tinubu asked “for the kind consideration and approval of the Senate inorder to bring the 2024 FGN Budget preparation process to timely closure.”
According to the President, the request was pursuant to provisions of the Fiscal Responsibility Act, 2007.
He explained that the “MTEF and 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 implications on global food and energy prices.”
The President also disclosed that the country was faced with “challenges in domestic revenue mobilization and significantly elevated public debt.
Additionally, many economies around the world have witnessed increased inflation with a particularly adverse impact on capital flows to emerging markets.”
