The Senate yesterday passed for third reading, the 2021-2023 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Senator representing Lagos-West and chairman, Senate Committee on Finance, Olamilekan Solomon Adeola presented the Conference Report of the Joint Committee of the Senate and House on Finance on the floor of the Red Chamber.
Senator Adeola, in his presentation, said the Conference Report of both chambers of the National Assembly was harmonised, based on differences contained in the 2021-2023 MTEF/FSP document.
The joint committee further proposed total proposed expenditure at N13.58 trillion; Fiscal deficit at N5.60 trillion; New borrowings – N4.28 trillion (including Foreign and Domestic Borrowing); Statutory Transfers at N484.4 billion; Debt Service N3.12 trillion; Sinking Fund N220 billion; Pension, Gratuities and Retirees Benefits N520.6 billion; Total FGN expenditure N13.58 trillion; and Total Recurrent (Non-Debt) N5.66 trillion.
The passage of the MTEF, FSP documents by the Senate was a prelude to the final passage it planned to carry out on the 2021 budget along with the House of Representatives.
President of the Senate, Ahmad Lawan, further disclosed that the Senate would sit on Monday for final consideration and passage of the 2021 Budget.
