Senate approves and adopts 2017-2019 MTEF presented by Buhari

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Senate approves and adopts 2017-2019 MTEF presented by Buhari

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The Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) 2017 to 2019 has been adopted by the House of Representatives as presented by President Muhammadu Buhari to a joint session of the National Assembly.
President Muhammadu Buhari

President Muhammadu Buhari

The House fixed the exchange rate of naira per dollar to N350 as against the N290 recommended by the executive. They also concurred on the oil benchmark of 42.50 dollars per barrel with a proposed daily production of 2.2 million barrels.Also, the House mandated its other committees on various aspects such as Finance, Appropriations, Planning and Economic Development to further assess and scrutinize the document.According to the News Agency of Nigeria (NAN), President Buhari forwarded a request for the adoption of MTEF on October 4th seeking its approval for 2017 to 2019 from the National Assembly. The motion was moved by House Leader, Femi Gbajabiamila who noted that the MTEF would be approved if the resolution of every house member was found appropriate.He said that some analysts forecast that the decreased forex exchange might push the exchange rate as high as N350 per dollar in the official market and N500 per dollar in the parallel market.He recommended that the budgeted exchange be made at N350 as compared to the unrealistic N290.Also, according to him, there is a steady improvement in oil prices.The president is expected to present a proposed budget of N7.28 trillion for the year 2017 to the House of Assembly today.

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