2014 budget: Jonathan sends MTEF to Senate
President Goodluck Jonathan yesterday presented the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper to the Senate.
The Senate President David Mark, stated this while reading a letter conveying the documents to the Senate from Jonathan at the resumption of the lawmakers from their seven-week annual recess.
Mark expressed confidence that the receipt of the document would aid the early passage of the budget just like what happened last year.
Jonathan's letter to the Senate read in part, 'I forward herewith for your kind consideration, the 2014-2016 Medium Term Expenditure Framework and Fiscal Strategy Paper. I seize the opportunity to express my gratitude for the enduring partnership between the legislative and the executive arms of government in our collective efforts to transform the economy of our dear country.
'Pursuant to the provisions of the Fiscal Responsibility Act, 2007, the developments towards the preparation of the 2014 budget have culminated in the 2014 -2016 MTEF and FSP
'Prepared against the backdrop of global economic uncertainty, the 2014-2016 MTEF and FSP reflect the reality of our circumstance and will ensure that planned spending is set at prudent and sustainable levels, consistent with government's overall medium-term developmental objectives.'
The documents help a nation in its revenue generation efforts; having essential features like the production quota, oil benchmark and revenue projection.
Mark recalled that the 2013 budget estimates were laid before the Senate in October last year.
He, therefore, called on the Executive to improve on that record this year, adding that the senators not only meticulously and robustly debated the estimates, but that they also ensured that the budget was passed before the commencement of its operative financial year.