President Tinubu Submits 2024-2026 MTEF and FSP to National Assembly

By Iyojo Ameh

President Bola Ahmed Tinubu took a significant step towards the timely preparation of the 2024 Federal Government Budget by forwarding the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the years 2024-2026 to the National Assembly.

In an executive communication addressed to the Senate during a plenary session, President Tinubu expressed optimism that the National Assembly would promptly consider and approve the MTEF and FSP.

The 2024-2026 MTEF and FSP were meticulously prepared, taking into account the challenges posed by a transitioning political landscape and global issues such as the ongoing Russia-Ukraine conflict, which has had significant repercussions on global food and energy prices.

The country is also grappling with challenges related to domestic revenue generation and a substantial public debt burden. Additionally, Nigeria, like many other economies worldwide, has been contending with rising inflation, affecting capital flows into emerging markets.

Notably, the National Assembly recently passed and the President signed a Supplementary Appropriation Act for 2023, amounting to NGN 819.5 billion. This act catered to several critical economic policy decisions of the Federal Government.

However, in light of the current economic landscape, it has become imperative to provide additional palliative measures, including a Wage Award for public servants and an enhanced Cash Transfer Program, primarily aimed at supporting the most vulnerable segments of society.

Essential defense expenditures are also urgently needed to ensure peace and the security of lives and property, a prerequisite for the government’s economic growth agenda.

Furthermore, substantial investments are required for the construction of essential infrastructure, particularly road projects. These initiatives need to commence during the dry season, from now until the year-end.

Therefore, a supplementary Appropriation Bill for 2023, totaling NGN 2.18 trillion, has been submitted to the National Assembly. This bill aims to address the aforementioned expenditures.

President Tinubu expressed his hope that this request would receive the customary prompt consideration of the National Assembly.