Except for late re-arrangements, President Mohammadu Buhari will on Wednesday next week present the 2017 budget of the country to the joint session of the National Assembly, even as the lawmakers are expected to be briefed by the President on the strategy being put in place by the government to get the country out of economic recession.
In a letter which the President wrote to the members of parliament yesterday, Buhari had requested for 10;00am slot to enable him make the presentation to the federal lawmakers on the budget and strategic plans to get the country out of recession.
“I crave the kind indulgence of the National Assembly to grant me the slot of 10,00 Am hours on Wednesday, the 14th of December, 2016 to formally address a joint session of the National Assembly on the 2017 budget proposal and our plans to get the country out of recession.
“Please extend Mr Senate President, the assurances of my highest regards to the distinguished senators, as I look forward to addressing the joint session”, according to the latter read on the floor of the Senate by the Senate President, Bukola Saraki.
However, there is apprehension and confusion over the President’s letter to the federal lawmakers, particularly because the lawmakers have yet to debate, approve or alter the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted to it by the executive few months ago, on the grounds that the documents are empty and cannot be considered.
This has become more worrisome given that the parameters and assumptions of the budget are roundly predicated on the MTEF and FSP documents, which the National Assembly is still holding to ransom even till today.
Even all through yesterday’s plenary, there was no mention of the MTEF or FSP deliberations, such as it was not also listed on the order paper of the Senate yesterday.
Meanwhile, the 2017 budget presentation by the President is expected to be predicated on parameters and assumptions already set in the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) earlier sent to both chambers of the National Assembly.
Buhari in the MTEF document, had proposed a budget profile of N6.9trillion for the 2017 fiscal year, $42.5per barrel as oil price bench mark, 2.2million per day as production level for oil.
Others are an exchange rate of N290 to a US dollar, aside projecting N1.765trillion for capital expenditure, while N2.563 trillion is for recurrent (non-debt expenditure) and N1.639 trillion for debt service.
Meanwhile, the National Assembly Joint Committees on Finance, National Planning, Local and Foreign Debts and Appropriations chaired by Senator John Enoh (PDP Cross River Central), met with Finance Minister, Kemi Adeosun, Minister of Budget and National Planning, Udoma Udo Udoma, Director General of Budget Office and the Debt Management Office (DMO), apparently to fine time the gray areas, especially concerning the MTEF and FSP delay ahead of the budget presentation on Wednesday.

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