Senate postpones debate on 2014 MTEF

The Senate on Wednesday postponed the debate on the 2014-2016 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The fiscal document which is considered crucial for the preparation and formulation of the 2014 Appropriation Bill was sent to the Senate last week by President Goodluck Jonathan.

Before the debate got under way, the lawmakers agreed to mandate its Joint Committees on Finance and Appropriation to study the document with a view of identifying its flaws and strength.

The committee was also asked to meet with the executive arm of government to correct any identified shortcomings before it could be presented for debate and possible approval.

The Senator Ahmed Makarfi -led committee was given two weeks to study the document and submit its report for consideration of the Senate.

The Fiscal Responsibility Act stipulates that the two chambers of the National Assembly should debate and approve the MTEF and FSP before the Appropriation Bill could be presented to the National Assembly.

Though Senate Leader, Senator Victor Ndoma-Egba, presented the MTEF and FSP consideration, some Senators prayed the upper chamber to reject it due to alleged flaws.

Ndoma-Egba noted that among others, the MTEF and FSP is proposing a reduction in the capital expenditure and a rise in the recurrent expenditure which had been pegged at 26 per cent.

He said that recurrent expenditure is pegged at 74 per cent.

He said that the reduction in the capital spending for 2014 is a fall out of the government’s projected reduction in revenue in 2014.

 

 

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