President Muhammadu Buhari has submitted the 2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate.
The letter was addressed to the President of the Senate, Ahmed Lawan and read at the Plenary on Wednesday.
Buhari said the 2020 to 2022 MTEF/FSP was prepared taking into account key developments in the global and domestic environment. He said the timely consideration would facilitate the 2020 budget proposal preparations by the executive.
The President thanked the national assembly for the much-improved partnership between it and the executive. He said the Preparation for the 2020 budget proposal to the national assembly was progressing well.
According to him, MTEF and FSP documents were prepared with considerations on key development in the global and domestic environments.
Buhari said the executive was committed to returning the budget implementation to a predictable January to December budget cycle.
The senate also inaugurated the 69 standing committees.
Lawan in his remark after the inauguration said the occasion was a departure from previous ways of inaugurating committees.
“We have resorted to this in order to save precious time.
“The Senate received the MTEF, this morning.
“As the preparations for the Appropriation 2020 is on top gear, and could be received soon, our committees need to be ready to perform their functions.
“Time, therefore, is of the essence.”
He said the committees were the engine rooms of the activities of the national assembly, noting that effective and efficient performance of the committees was imperative.