From Jonas Ike, Abuja
The House of Representatives on Wednesday passed the 2019-2021 Medium Term Expenditure Framework MTEF and Fiscal Strategy Paper for the fiscal year ending 31st December 2019.
This followed the adoption of the report of its joint Committees on Finance, Appropriations, Aids, Loans and Debt Management, Legislative Budget and Research and National Planning and Economic Development on the MTEF and FSP documents.
Chairman of the House Committee on Finance Hon. Babangida Ibrahim while debating on it said that the House should adopt the recommendations of the joint Committees on the the MTEF so that the 2019 Budget of the Federal Government can be expeditiously considered and passed into law by the National Assembly.
Among others, the Committee recommended as follows: (1) that the Federal Government adopts 2.3 million barrels of crude oil production as daily production target.
(2) That the gorvernment adopts USD 60 as benchmark for crude oil in the 2109 fiscal year.
(3) That it also adopts N305 to USD1 as official exchange rate for the fiscal year 2019.
(4) That the gorvernment adopts 1.6 trillion as new borrowing to fund Budget deficit.
(5) That the government increases the tempo of collectable revenues in all its ministries, departments and agencies MDAs with a view to reducing Budget deficit.
It would be recalled that the House on Tuesday April 10, 2019 adopted the MTEF and FSP documents earlier submitted to it by President Muhammadu Buhari.
The House presided by the Speaker Hon. Yakubu Dogara thereafter mandated the relevant House Committees to fine tune the document and report to the House for more inputs.