The Senate on Thursday said it had received the 2018-2020 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) from President Muhammadu Buhari.
Reading the letter at plenary, President of the Senate, Dr Bukola Saraki, said MTEF and FSP were prepared against the backdrop of an adverse global economic uncertainty and fiscal challenges and recovery in the domestic economy.
In the letter, Buhari explained that the step was to ensure that planned spending was set at prudent and sustainable levels and was consistent with government’s overall developmental objectives and inclusive growth.
The Federal Executive Council had in August, approved the 2018-2020 MTEF and FSP.
The MTEF is annual rolling three-year expenditure planning that sets out the medium-term expenditure priorities and hard budget constraints against which sectoral plans can be developed and refined towards providing the basis for annual budget planning.(NAN)