House of Representatives yesterday approved of the 2016 – 2018 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) as presented by the Federal Government but with differences as to what the Senate had approved on Wednesday.
Differing from the Senate, the House deleted two of the recommendations in the MTEF and FSP which were; the implementation of Treasury Single Account with E – Collection platform and that arrears of the 2015 fuel subsidy for domestic consumption as proposed in the MTEF be sustained.
Minority leader, Hon. Leo Ogor said that the Executive has the liberty to request for a supplementary budget if there is a short fall rather than carrying over arrears of the 2015 subsidy.
Following this, the Speaker, Hon. Yakubu Dogara setup a committee headed by Hon. Jibrin Abdulmunin and made up of the Chairmen of the House committees on Finance, Appropriations, Aids, Loans and Debt Management and National Planning to liaise and harmonise with the Senate before the 2016 budget is presented to the National Assembly on Tuesday next week.
The House further approved of daily Crude Oil production of 2.2000mbpd for 2016 budget. The House also approved that the Central Bank of Nigeria (CBN) should initiate measures that will close the gap between the parallel market and the official exchange rate and that the Crude oil benchmark price of US$ 38 per barrel for the 2016 budget.
– Dyepkazah Shibayan, Abuja