President Muhammadu Buhari yesterday sent to the Senate the 2016, 2017 and 2018 Medium Term Expenditure Framework, MTEF As well as the Fiscal Strategy Paper, FSP. As a critical segment of the fiscal policy, the President also earmarked N500 billion for school feeding programme initiatives, conditional cash transfer to most vulnerable and post-National Youth Service Corps, NYSC for 2016.
Senate President, Senator Bukola Saraki, who read the letter from Buhari said “The Federal government will collaborate with state governments to institute well-structured programmes. These interventions will start as a pilot scheme and work towards securing support of the donor agencies and our development partners in order to minimize potential risks.”
The MTEF document, according to law, was supposed to have been submitted for approval by August 2015 in line with the four months to the end of the financial year requirement stipulated in the Fiscal Responsibility Act.
Nigerian Pilot recalls that the Senate approved the harmonized version of the 2015 – 2017 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) on Thursday March 12, 2015 under former President Goodluck Jonathan.
Highlights of the report included; an oil price of $38 per barrel of crude oil and 2.2 million production of barrels per day, while the total cost is at approximately N6trillion for 2016, almost N2.66trillion higher than that of 2015 submitted by former president Goodluck Jonathan whose 2015 budget stood at N4.66trillion.

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