2022 Budget: Senate Passes Amended MTEF, Okays N16.39trn Projection
The Senate has approved President Muhammadu Buhari’s revised 2022-2024 Medium Term Expenditure Framework (MTEF).
The revised fiscal document was received and referred to the Senate Committee on Finance on Tuesday for expeditious consideration ahead of Thursday’s budget presentation to the National Assembly by President Buhari.
Consequently, the approval of the revised framework on Wednesday followed the consideration of a report presented by the Committee on Finance at plenary.
The Senate in its recommendation approved the aggregate expenditure of N16.39 trillion from the previous N13.98 trillion for the year 2022.
It also gave its nod to the retained revenue of N10.3 trillion; and N635.4 billion fiscal deficit.
The upper chamber also 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.
Chairman of the Committee, Senator Olamilekan Adeola APC,,Lagos West), in his presentation, said that Gross Revenue Projection was decreased by N341.57 billion, from N8.870 trillion to N8.528 trillion.
