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*FCT N222.3B budget passed for second reading
From Kemi Yesufu, Abuja
President Muhammadu Buhari on Tuesday sent the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives, with three months to the end of the financial year.
Buhari in the letter written on October 9 explained that the MTEF and FSP documents were prepared in response to the global economic uncertainty and the fiscal challenge facing the country.
“Pursuant to provisions of the Financial Responsibility Act, 2007, the preparation towards the submission of the 2028 budget to the National Assembly is progressing well.
“The MTEF and FSP were prepared against the backdrop of a generally adverse global economic uncertainty; as well as fiscal challenges and recovery in the domestic economy to ensure that planned spending is set at prudent and sustainable levels and is consistent with governments overall developmental objectives and inclusive growth,” the president stated.
Meanwhile, the House Tuesday passed the 2017 budget for the Federal Capital Territory (FCT) for second reading. The “bill for an Act to authorize the issue from Federal Capital Territory Administration Account, the total Sum of N222, 390,551,512.”
Of this sum, N52,574,479,667 is for personnel Costs and N41,294,590,480 is for Overhead Costs, while N128,491,481,366 is for capital projects.
However a member, Kingsley Chinda, kicked against passing the bill as it would be unconstitutional.
Chinda, who is the chairman House Committee on Public Accounts, cited Section 122 of the 1999 Constitution (as amended) stressing that the bill was presented to the House three months to the end of the fiscal year.
Regardless, the bill presented by the Majority Leader, Femi Gbajabiamila was passed and referred to the Committees on FCT, Area Councils and Ancillary Matters.
