OrderPaperToday – The House of Representatives has passed the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP)
The MTEF was presented to the House on the 6th of November 2018 through a letter from President Muhammadu Buhari but the House is only just passed it a day after the Senate did so.
The MTEF and FSP are documents that contain the short-term rolling plan of the government and the framework for preparing the annual budget. Both ought to have been passed before the budget proposal is presented, according to the Fiscal Responsibility Act.
The recommendations passed by the House is the same as the parameters passed by the Senate, viz: Oil bench mark of $60 per barrel at 2.3million output per day was adopted in line with the executive proposal; while the exchange rate of N305 to $1 was adopted.
The House just like the Senate slashed the deficit from the N1.8 trillion to N1.64trillion while urging the Federal government through the Federal Inland Revenue Services (FIRS) to increase revenue generating by increasing tax on luxury item.
The House also urged the Customs and Excise duty to cut down on waivers and urged that surplus remittance by government owned enterprises should be deducted at source.