News
Senate Resumes Work On MTEF/FSP, Next Week
The Senate Committee on Finance, yesterday, said it would begin legislative work on the 2021-2023 Medium Term Expenditure and Fiscal Strategy Paper (MTEF/FSP) on Wednesday, August 19.
The Chairman, Senate Committee on Finance, Senator Solomon Adeola (APC Lagos West), disclosed in a statement made available to journalists in Abuja, adding that invitations have been sent to ministries, departments and agencies (MDAs) of the government with presentations to make on the document.
Adeola, in the statement signed by his media aide, Kayode Odunaro, said the MDAs were to appear before the Senate Joint Committee on Finance, and National Planning.
He noted that there was need to examine the rationale for pegging the price of crude oil at $40 per barrel and a projected crude oil production of 1.86 million barrels per day (mbpd), in the MTEF/FSP document.
He said, ”We are kick-starting the process on Wednesday with Government-Owned Enterprises (GOEs) like NNPC, NCC, NPA, Customs Service, NIMASA, DPR and others, followed by the Ministry of Finance and its agencies, and subsequently, all revenue generating agencies”.
The lawmaker called on heads of MDAs to be prepared to defend their projections “as the Joint Committee intends to present the report to the Senate in plenary immediately on resumption from its ongoing vacation in tandem with the desire of the upper chamber to pass the 2021 budget in December.”
Adeola insisted that there was need for thorough scrutiny of the MTEF/FSP document in view of the fluid nature of the world economy following the disruptive impact of Covid-19 pandemic and the vagaries of the international market for crude oil and its attendant effects on the nation’s sources of revenue.
According to him, “There is a need for all stakeholders to come together to critically study the fundamentals of the ‘new normal’ forced on the global economy by the Covid-19 pandemic.
“With the instability witnessed in the price of crude oil at the international market and the sluggish world economy with some nations falling into recession, there is a need to assess our situation critically and be realistic about our revenues sources for budgets going forward”.
By: Nneka Amaechi-Nnadi, Abuja
News
HoS Hails Fubara Over Provision of Accommodation for Permanent Secretaries
News
Allegation of Disrespect to President Tinubu Unfounded — Rivers Government
News
Rivers Government Dismisses Allegations of Disrespect to President Tinubu
-
Politics13 hours agoPFN Rejects Call For INEC Chairman’s Removal Over Genocide Comments
-
Sports13 hours agoEnekwechi wins Orlen Cup in season opener
-
Rivers13 hours agoFasthire, PHCCIMA, CIPM Host CareerFest 2026 In PH
-
Business14 hours agoNCDMB, Jake Riley Empower 250 Youths On Vocational Skills
-
Sports13 hours agoFalconets, Senegalese Lionesses arrive Ibadan for qualifier
-
Sports13 hours agoSimba open Nwabali talks
-
Oil & Energy14 hours agoElectricity Boost: Abia Launches Waste-To-Energy Project
-
Oil & Energy15 hours agoNNPCL Unveils Gas Master Plan 2026 …….Targets 10bcf/day production
