The Senate is becoming uncomfortable with the perceived unpreparedness of the Muhammadu Buhari administration to submit to the National Assembly the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Policy (FSP) ahead of the presentation of the 2016 budget.

The concerns arose after a recent directive by Buhari asking the Ministries of Finance, Trade, Investments and Industries, Central Bank of Nigeria (CBN) and other relevant agencies to come up with new economic policies aimed at boosting manufacturing in the 2016 budget.

A source in the National Assembly told THISDAY yesterday that the Senate leadership was worried by the order, bearing in mind that only the approval of the MTEF/FSP by the National Assembly should pave the way for the preparation and subsequent presentation of next year’s budget.

Ordinarily, the MTEF/FSP should be ready for submission to the National Assembly by September at the latest, ahead of the succeeding year’s budget.

But in the absence of a Minister of Finance and Chairman of the National Planning Commission who should work with the newly appointed Director General of the Budget Office of the Federation on the MTEF/FSP and review the budgets of the federal government’s ministries, department and agencies (MDAs) to determine the necessary parameters for the MTEF/FSP, it is uncertain that the three-year rolling plan will be presented to the National Assembly next month.

There are also concerns that Buhari’s reliance on the bureaucrats in the civil service, led by permanent secretaries, who might lack the capacity and technical and special advisers that usually assist ministers, could delay the presentation of next year’s budget.

According to the source, the leadership of the Senate has expressed concern that Buhari had by his pronouncement and recent directive begun preparations for the 2016 budget without bearing in mind that the MTEF/FSP, which ought to herald the preparation of the budget, had not been conceived.

He added that if there were no signs of its preparation towards the end of August, chances are that Buhari who may not be getting the right counsel in the absence of a cabinet, could encounter difficulties.

He said: “The Senate is worried that the president has started talking about 2016 budget when there has been no mention of MTEF/FSP which should be the first thing to be considered before thinking of the 2016 budget.

“Ordinarily, the document should be received by the National Assembly in September but it is likely that they will come up with the budget without MTEF.”

While ordering a review of the economic policies for the 2016 budget, Buhari had said he would not hesitate to throw out any inherited economic policies of previous administrations if doing so would create jobs for the teeming population.

He made the remarks during a meeting with members of the Manufacturers Association of Nigeria (MAN) at the Presidential Villa on Monday, last week.

“We are in difficult times economically but we’ll continue to do our best for manufacturing to pick up. We must begin to behave as if we have no oil at all. We will gladly have policy somersaults if it will mean more jobs, particularly for youths.

“I campaigned on three major planks - to effectively secure our country, provide employment through revamping the economy, and wage a relentless war against corruption. I intend to keep faith with these promises,” Buhari was quoted as saying.

The 2007 Fiscal Responsibility Act stipulates that budget estimates for the next fiscal year should be presented to the National Assembly at least three months before the end of the preceding year.

Going by this provision, the MTEF/FSP, which ought to herald the budgetary estimates, should be presented to the National Assembly before the end of the third quarter.

The MTEF/FSP provides the basis for annual budgetary planning and consist of a macroeconomic framework that highlights the fiscal targets of the federal government.

The document also provides estimates on revenue and expenditure including the government’s financial obligations in the medium term.
It also spells out the projected oil benchmark, the foreign exchange and borrowing plan for the next fiscal year.
http://www.thisdaylive.com/articles/2016-budget-senate-frets-over-fg-s-unpreparedness-to-submit-mtef/218413/
Cc lalasticlala

After voting for a certificate - less dictator. What else do u expect?

Excuses from all angles

Paschal001

Mbkite:
Paschal001

My chairman. . I greet ooo

This is quite worrisome and detrimental to economic growth. I read one Osuji's write up on why nigerians shouldnt allow Buhari run a one man show and the part where he detailed on how we might not have Ministers till december was scary. While the president might mean well for all, the fight againt coruption shud be side by side with national development.

I know so many person who voted for Change and happy to have won but with living hardship and insecurity paid less attention, some might not be alive to witness such change

The budget for 2015,hw much oversight av dey done already?

PMB is only there for fighting his percived enemies and promote his northernisain agenda.



It will be 12 days before he will celebrate his 100. Days in office and he can't pin point any party manifesto he has done.


Show me any PMB achievement so far and I will remember that you are stiLL a goat

Paschal001:

My chairman. . I greet ooo

gudmrnin my broda

Paschal001:

My chairman. . I greet ooo

gudmrnin my broda, hw u dey?

This Senate doesn't know anything. They do not know dis simple English word "Veto". General's veto power.

Buhari body language

PROVACATEUR:
PMB is only there for fighting his percived enemies and promote his northernisain agenda.

It will be 12 days before he will celebrate his 100. Days in office and he can't pin point any party manifesto he has done.

Show me any PMB achievement so far and I will remember that you are stiLL a goat

entertain us Waillers

www.nairaland.com/attachments/2779985_wwe_jpegd7e3c38cd1b93642f81ba6b581417ff8

The "fear of Buhari" will ensure that everything is in place and in order.

Handwork of Buhari's "body language"

Better late than never

Hmmm..

Abia!

W

PROVACATEUR:
PMB is only there for fighting his percived enemies and promote his northernisain agenda.



It will be 12 days before he will celebrate his 100. Days in office and he can't pin point any party manifesto he has done.


Show me any PMB achievement so far and I will remember that you are stiLL a goat

lol..... Ur body dey hot pass mine oh

Buhari again? **Next Topic

"We must begin to behave
as if we have no oil at all" Can u imagine? It's quite worrisome that everything in Nigeria now revolves around 'OYEL', n where is this OYEL coming from? BIAFRA LAND. Don't worry Biafra is around the corner then there will be no more oyel for you to depend on.

Emekamex:
Handwork of Buhari's "body language"

...guy u harsh oooo

All hail President prime minister Admiral General BuharI

They are going to run the whole of next year on a supplementary budget. This is going to visit untold hardship on innocent Nigerians. The Ministers might be appointed into office by October and would take the whole of next year to settle into office. Unless the Ministers will only sign and defend ready made budgets at the National Assembly as soon as they are sworn into office.

We all know Buhari's stand on corruption, but that alone cannot translate to good governance and prosperity for the masses. It is time he up his ante and stop listening to praise-singers and 'living dead' supporters(apologies to FFK). I see he has taken the wrong foot forward.

una can't force/put him under duress to do una wish.

Beware of "mastubating" robots frm "west Germany" that will invade this thread spewing rubbish...

The saddest part of the Buhari's misstep is that his gullible, naive and myopic supporters are applauding the ineffective and directionless one man show of his government.