THE Senate on Wednesday passed the Medium Term Expenditure Framework‎/Fiscal Strategy Paper three months after submission to the National Assembly by President Muhammadu Buhari.

Buhari had in September submitted MTEF/FSP for consideration to the National Assembly.

However, the consideration was delayed due what lawmakers described as “empty” MTEF.



At the consideration of the report‎ on Wednesday, the Senate carried all the recommendations of the Joint Committee on Finance, Appropriation and National Planning.

In the report, the Joint Committee recommended the adoption of $44.5 per barrel as the benchmark price for oil for the the 2017 budget.

The Senate adopted N305 to a dollar as exchange rate, but advised the Central Bank of Nigeria to initiate measures that would close the gap between the parallel market and the official exchange rate.

The Senate also adopted the projected N5.1 trillion for non-oil revenue in 2017 and N807.57 billion for Federal Government’s independent revenue for 2017.



The Senate adopted the Federal Government’s borrowing plans in 2017 but insisted that the borrowing should be on project-tied basis.

In his remarks after the passage of the MTEF, the Deputy Senate President, Ike Ekweremadu, applauded the Minister of Budget and National Planning, Udoma Udo Udoma,‎ for his cooperation with the committees and urged him to continue to cooperate with them during budget defence.

2undeee:
implications

Moreoffaith:
I am not undestanding, somebody help me with that picture abeg.

dahunsy:
coughs... clears throat# seun suspended me for sayin he has a fish brain for posting a fake news#....kwaraption everywer

modath:


Almost too late... While the.elephants fought, the grass not only stopped GROWING, It's lush GREEN colour also faded to almost pitch BLACK nothingness. ..


Keywords: Economy & Power

Abrupt:
Whatever Buhari touches, Buhari Spoils it. I await the outcome of this.

blackpanda:
[s][/s]



Lolz
Awon wailer ni ye

ddippset:
Finally, a President with balls. The Senate bluffed, and he called it.

guywitzerogal:
ds guy u sha wan make Seun delete u finally finally

ddippset:
Finally, a President with balls. The Senate bluffed, and he called it.

Hiploko:
lol! Balls and cooking gas is 7k? How una dey think sef Smh

SillyMods:
At last!

The senate is gradually coming to terms with the fact that this govt cannot be blackmailed to submit to their own selfish ends.

The unfortunate thing is, the more these Sinators and representathieves delay passing of critical budgets, the longer we stay in recession.

One thing wey sure be say, PMB won't bend to their selfish plan.

I watched the Twitter Senator (the one that looks like Obama but reasons like Obanikoro) lampooned PMB's ministers the other day saying none of them is competent. And this is a senator who defrauded Nigeria to the tune of billions of naira! Ndi Ara!