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Pursuant to the provisions of the Fiscal Responsibility Act, 2007, President Goodluck Jonathan has presented the 2014-2016 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper to the Senate. Stakeholders expressed hope that the receipt of the document would aid the early passage of the budget just like what happened last year.
In separate letters to President of the Senate David Mark and Speaker of the House of Representatives, Aminu Tambuwwal, Jonathan said the preparation of the 2014 budget have culminated in the 2014 -2016 MTEF and FSP and was “Prepared against the backdrop of global economic uncertainty, the 2014-2016 MTEF and FSP reflect the reality of our circumstance and will ensure that planned spending is set at prudent and sustainable levels, consistent with government’s overall medium-term developmental objectives.”
The documents help a nation in its revenue generation efforts; having essential features like the production quota, oil benchmark and revenue projection.