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Following the referral of the 2021-2023 Medium Term Expenditure Framework(MTEF) and Fiscal Strategy Paper (FSP) to the Joint Senate Committees of Finance and National Planning by the Senate for further legislative work before its passage and preparatory to the presentation of the 2021 Appropriation Bill by President Mohammadu Buhari, Chairman of the Senate Committee on Finance, Solomon Adeola has said the Joint Committees will begin to critically interrogate the document from Wednesday with a view to presenting recommendations for the Senate passage of the document.
Disclosing this in Abuja, Adeola said there was need for thorough scrutiny of the MTEF/FSP document in view of the fluid dynamics of the world economy following the disruptive impact of COVID-19 pandemic and the vagaries of the international market for crude oil and its attendant effects on the country’s sources of revenue.
He said invitations had been dispatched to Ministries, Departments and Agencies(MDAs) with presentations to make on the document to appear before the Joint Committee stressing that there was need to examine the rationale for pegging the price of crude oil at $40 per barrel and a projected crude oil production of 1.86 million barrels per day (mbpd).
