The Speaker, House of Representatives, Yakubu Dogara, on Tuesday acknowledged the receipt of the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Muhammadu Buhari.
The News Agency of Nigeria reports that the receipt came just as the lawmakers resumed from a two-week recess.
The transmission of the MTEF/FSP was encapsulated in the provisions of the Fiscal Responsibility Act, 2007.
The key assumptions proposed for 2019 Budget include: $60 oil price benchmark, 2.3 million barrels per day, $305/$1 exchange rate and 3.01 per cent GDP growth rate.
President Buhari, in the letter, solicited for the cooperation of the House toward fast-tracking the consideration and approval of the document.
NAN reports that the Federal Executive Council had on October 24, approved a budgetary proposal of N8.73 trillion for 2019 fiscal year, N400 billion lower than N9.12 trillion for 2018 fiscal year.
The revised 2018-2020 Medium Term, Expenditure Framework and Fiscal Strategy Paper was approved by the House on the Nov. 22, 2017.
According to the revised MTEF/FSP submitted by the Budget Office of the Federation, the fiscal deficit was reduced from N2.356 trillion (2.61%) to N2.005 trillion (1.77%) to be financed mainly by borrowing of N1.699 trillion.
The inflation rate was pegged at 12.42%, nominal revenue of N11.3 trillion and 3.5% growth rate for 2018 fiscal year.