The Senate has approved President Muhammadu Buhari’s revised submission of the 2022-2024 Medium Term Expenditure Framework.
The revised submission was received and referred to the Committee on Finance on Tuesday, October 5, 2021, for expeditious consideration ahead of Thursday’s budget presentation to the National Assembly by President Muhammadu Buhari.
Consequently, Wednessday’s approval of the revised framework followed the consideration of a report by the Committee on Finance.
The Senate in its recommendation approved the aggregate expenditure of 16.39 Trillion Naira from the previous 13.98 Trillion Naira for the year 2022.
It also gave its nod to the retained revenue of 10.3 Trillion Naira and 635.4 billion Naira fiscal deficit.
The Lawmakers commended the Budget Office of the Federation and the Federal Ministry of Finance, Budget and National Planning for insisting that MDAs submit their revenue profile as premise for being captured in the 2022 Budget Proposal.