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From Fred Itua, Abuja
The Senate, on Tuesday, commenced the consideration of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) as required by the Fiscal Responsibility Act.
According to a letter sent to the Senate by President Muhammadu Buhari and read on the floor by the President of the Upper Legislative Chamber, Ahmad Lawan, the Federal Government is projecting revenue generation of N6.54 trillion and N2.62 trillion to accrue to the Federation Account and VAT, respectively.
While referring it to the Senate Joint Committee on Finance, National Planning, Local and Foreign Debts and Petroleum Upstream, Lawan urged them to work on the document within 24 hours to enable the Red Chamber pass it on Thursday before embarking on its annual vacation.
The Federal Executive Council, had last week, authorised the funding of a N5.26 trillion budget deficit through borrowings.
Details later…
