The Chairman, Senate Committee on Finance, Sen. Solomon Adeola (APC, Lagos -West) says the Senate Joint Committees will begin to critically interrogate 2021-2023 Medium Term Expenditure Frame (MTEF) and Fiscal Strategy Paper document from Aug 19.
Adeola made the disclosure in a statement by his Media Adviser, Chief Kayode Odunaro in Abuja on Thursday.
He said that the commencement of scrutiny and consideration of the MTEF, FSP document was to ensure timely presention of the committee’s recommendations for passage at plenary on resumption from recess.
Senate had received the 2021-2023 MTEF/FSP on July 20.
It had before embarked on annual recess referred the 2021-2023 MTEF and FSP document to its joint Committees on Finance and National Planning for further legislative work .
Adeola said there was need for thorough scrutiny of the MTEF and FSP document given the dynamics of the world economy occasioned by impact of COVID-19 pandemic.
He said that the volatility experienced in the international market for crude oil and its attendant effects on the nation’s sources of revenue also warranted the need for scrutiny of the MTEF and FSP.
“There is need for all stake holders to come together to critically study the fundamentals of the new normal forced on the global economy by the COVID-19 pandemic.
” With the instability witnessed in the price of crude oil at the international market and the sluggish world economy with some nation falling into recession.
“There is need to assess our situation critically with a view to being realistic about our revenue sources for budgets going forward,” he said.
Adeola said invitations had been dispatched to Ministries, Departments and Agencies (MDAs) to appear before the joint committees to make presentations on the MTEF and FSP.
According to him, there is need to examine the rationale for pegging the price of crude oil at 40 dollars per barrel and a projected crude oil production of 1.86 million barrels per day.
“We are kick starting the process on Aug 19, with government agencies like Nigerian National Petroleum Cooperation (NNPC), Nigerian Communication Commission (NCC), Nigerian Ports Authority (NPA), Nigeria Custom Service (NCS).
“Nigerian Maritime Administration and Safety Agency (NIMASA) and Departmentof Petroleum Resources (DPR), among others.
” The Ministry of Finance and its agencies and subsequently all revenue generating agencies” he stated.
Adeola called on heads of MDAs to come fully prepared with reasons for their positions on the MTEF and FSP, as the joint committee intends to present its report to the Senate immediately on resumption after recess.
He said the envisaged presentation of the committee’s report before its passage, was also in preparatory to presentation of 2021 Appropriation Bill by President Muhammadu Buhari to the National Assembly.
This, he noted, was ultimately geared towards achieving the budget cycle of from January to December.(NAN)