Reps approve 2014-2016 medium term expenditure framework

The House of Representatives on Thursday in Abuja approved the 2014-2016 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The approval was sequel to the presentation of the report by Hon. Yomi Ogunnusi ( APC-Lagos)
Ogunnusi, the Deputy Chairman of the Finance Committee, made the presentation on behalf of the committees on Finance, Appropriations, Legislative Budget and Research, and Aids, Loans and Debt.
The committees recommended a benchmark of crude oil production of 2.38mpd, 2.50mpd and 2.54mpd for 2014, 2015 and 2016 respectively.
On the exchange rate, the committees recommended a benchmark of N160 to a dollar.
A benchmark price of $79 was approved for crude oil against the $76 approved by the Senate.
Corporate Tax and Value Addded Tax rates of 30 per cent and five per cent respectively were approved.
The committees urged the Federal Government to strengthen and consolidate its fiscal strategy to narrow the gap between projected and actual revenue for the period.
The recommendation also urged government to curtail oil theft and diversify the economy in order to increase the tax bases.
It directed that details of SURE-P projects to be executed be attached as an addendum to the annual budget estimates for approval by the National Assembly.
It further recommended that the augmentation from the Excess Crude Account should project crude production fall below budgets, provided there are funds in the account.
With the approval of the MTEF and FSP by the two chambers of National Assembly, the stage is now set for President Goodluck Jonathan to present the 2014 budget to a Joint session on November 19.