President Muhammadu Buhari on Wednesday submitted the 2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate.
President Buhari forwarded the MTEF and FSP in a letter addressed to the Senate President.
In the letter, President Buhari said the 2020-2022 MTEF FSP was prepared taking into account key developments in the global and domestic environment.
He added that he is trusting that it will be expeditiously considered by the Senate
Senate President Ahmed Lawan earlier last week said the Upper Chamber is anxious to receive the MTEF and 2020 Budget from the executive and promised that the Senate will consider the MTEF within the first week of resumption.
The MTEF /FSP contains the benchmark upon which the 2020 budget would be predicated.
Some of the highlights of the 2020-2022 MTEF/FSP documents already released by the executive are as follows:
Pegging of the projected budget profile for the year at N8.7trn, and $55 oil price bench mark as against $60 used for the N8.9trn 2019 budget .
It also included 2.1m barrel oil production per day as against 2.3 m barrels per day approved for the 2019 budget .