By Christiana Ekpa with agency report
The House of Representatives has commenced its legislative examination of the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), submitted by President Bola Tinubu for approval.
Chairman of the House Committee on Finance, James Faleke, said this during an interactive session with ministers and permanent secretaries from various Ministries, Departments, and Agencies (MDAs) in Abuja yesterday.
He said the importance of this interface in ensuring the passage of a realistic MTEF/FSP before the presentation of the 2024 budget.
He said the move signaled a critical step in shaping the financial landscape for the next few years.
Mr Faleke pledged to provide homegrown solutions to the nation’s financial challenges and expressed concerns over various financial issues.
These according to him included the $11 billion P&ID contract scandal, the monthly $30 million payment by Nigeria Bulk Electricity Trading Plc (NBET) to Azura Power.
Also included are the loss of revenue resulting from waivers and exemptions granted to various organisations, amounting to over N2.7 trillion, as projected in the 2024 budget estimates.
He said the MTEF was the basis of the annual budget, which in itself the backbone of the implementation of the federal government’s plans and policies.”
