The House of Representatives has approved the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
This has set the stage for President Muhammadu Buhari to present the 2021 budget to the Joint National Assembly.
The House in its Committee of Supply gave its support to 2021 proposed budget of N13.08 trillion.
The 2021 budget is premised on oil price benchmark of USD$40 per barrel; daily production of 1.86 million barrel per day and Exchange rate of N379/US$.
The House also approved all the recommendations of its joint committee on Finance, Appropriations and National Planning and Economic Development on the MTEF and FSP which the Chairman of the Joint Committee, Abioudun Faleke earlier laid before it.
Lawmakers agreed that the Joint Committee and the Auditor General of the Federation should conduct a detailed analysis of all Ministries Departments and Agencies (MDAs) funded by the Federal Government of Nigeria’s Budget to identify more Agencies that need to be taken off the budget wholly or partially and those that need to be retained.
This they say is to further reduce the deficit burden of the Federal budget and free up more resources for other critical projects.
Others adopted parameters are: GDP growth Rate of 3.00 percent; inflation growth rate of 11. 95 percent; FGN retained revenue 7.89 trillion; total FGN proposed expenditure of N13.08 trillion and Fiscal deficit of N5.20 trillion.
The President is expected to present the 2021 budget estimate to a joint session of the National Assembly on Wednesday next week.